ONCOSEC MEDICAL INCORPORATED (NASDAQ:ONCS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On April 24, 2019, OncoSec Medical Incorporated (the Company) appointed Ms. Margaret Dalesandro as a director on the Companys Board of Directors (the Board), effective as of April 24, 2019. The Companys Board has determined that Ms. Dalesandro qualifies as independent under applicable rules of the Nasdaq Stock Market. Ms. Dalesandro will serve on the Audit Committee, the Compensation Committee, and the Nominating and Corporate Governance Committee of the Board.
Ms. Dalesandro, age 72, is currently a pharmaceutical development consultant with Brecon Pharma Consulting LLC and has over twenty-five years of experience leading strategic product development in the pharmaceutical, biotechnology and diagnostics industries. She has previously served as a Business Director of Integrative Pharmacology at Corning, Incorporated, as a Vice President of Project, Portfolio and Alliance Management at ImClone Systems Inc., as an Executive Director of Project and Portfolio Management at GlaxoSmithKline, and as a Senior Consultant at Cambridge Pharma Consultancy over the course of her career. Ms. Dalesandro earned her Ph.D. in Biochemistry from Bryn Mawr College and completed a NIH Post-Doctoral Fellowship in Molecular Immunology at the Wake Forest University School of Medicine.
Ms. Dalesandros compensation for her services as a director, including her services on any committees of the Companys Board of Directors, will consist of annual cash compensation of $50,000. In addition, upon her appointment as a director, Ms. Dalesandro was granted a stock option award under the Companys 2011 Stock Incentive Plan to purchase up to 100,000 shares of the Companys common stock, which vests in equal monthly installments over a 12-month period subject to continued service as a director on each vesting date. No family relationships exist between Ms. Dalesandro and any of the Companys directors or other executive officers. There are no arrangements between Ms. Dalesandro and any other person to which Ms. Dalesandro was selected as a director, nor are there any transactions to which the Company is or was a participant and in which Ms. Dalesandro has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
On April 24, 2019, Mr. Gregory Mayes, notified the Company of his resignation from the Board, effective immediately. Concurrently with such resignation, Mr. Mayes ceased to serve as the Chair of the Audit Committee and as a member of the Compensation Committee and the Nominating and Corporate Governance Committee of the Board. Mr. Mayes decision to resign from the Board was not the result of any disagreement with the Company on any matter relating to the Companys operations, policies or practices. Mr. Robert Ward has subsequently been appointed Chair of the Companys Audit Committee.
About ONCOSEC MEDICAL INCORPORATED (NASDAQ:ONCS)
OncoSec Medical Incorporated is a biotechnology company. The Company is focused on designing, developing and commercializing gene therapies, therapeutics and medical approaches to stimulate an anti-tumor immune response for the treatment of cancer. The Company’s lead product candidate, ImmunoPulse IL-12, consists of a plasmid construct encoding the proinflammatory cytokine, IL-12, which is delivered into the tumor through in vivo electroporation. As of July 31, 2016, the Company was pursuing two Phase II trials: ImmunoPulse IL-12 monotherapy in patients with metastatic melanoma and ImmunoPulse IL-12 plus pembrolizumab in patients with advanced, metastatic melanoma. In addition, it is pursuing ImmunoPulse IL-12 monotherapy in patients with triple negative breast cancer. Its ImmunoPulse product candidates are based on its deoxyribonucleic acid (DNA)-based immunotherapy technology, which is designed to stimulate the human immune system, resulting in systemic anti-tumor immune responses.