OPHTHOTECH CORPORATION (NASDAQ:OPHT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January13, 2018, the Board of Directors (the “Board”) of Ophthotech Corporation (the “Company”) increased the size of the Board from six to seven members and elected Jane P. Henderson as a director of the Company, effective immediately. Ms.Henderson was appointed as a ClassI director and will serve in accordance with the Amended and Restated Bylaws of the Company until the 2020 annual meeting of stockholders and thereafter until her successor is duly elected and qualified or until her earlier death, resignation or removal. Ms.Henderson was also appointed to serve as Chair of the Audit Committee of the Board. Following Ms.Henderson’s appointment, the Audit Committee is now comprised of Ms.Henderson, Axel Bolte and David Redlick.
In accordance with the Company’s director compensation policy (the “Policy”), Ms.Henderson will receive (i)annual cash compensation of $45,000 for her service as a director, (ii)additional annual cash compensation of $20,000 as the Chair of the Audit Committee and (iii)reimbursement for reasonable travel and other expenses incurred in connection with attending meetings of the Board and committees thereof. In addition, in accordance with the Policy, Ms.Henderson was granted a stock option to purchase up to 32,000 shares of the Company’s common stock at a per share exercise price of $2.85, which was the closing price of the Company’s common stock on Friday, January 12, 2018, the trading day immediately preceding the grant date of Saturday, January 13, 2018. The option will vest monthly in equal amounts over a three-year period following the date of grant, subject to continued service with the Company.
About OPHTHOTECH CORPORATION (NASDAQ:OPHT)
Ophthotech Corporation is a biopharmaceutical company. The Company specializes in the development of therapeutics to treat diseases of the back of the eye, with a focus on developing therapeutics for age-related macular degeneration (AMD). Its advanced product candidate is Fovista, which is for use in combination with anti-vascular endothelial growth factor (VEGF) drugs. It is also developing its product candidate Zimura for the treatment of patients with geographic atrophy, a form of dry AMD, in combination with VEGF therapy for the treatment of polypoidal choroidal vasculopathy (PCV). Fovista is being tested in Phase III clinical development. In addition, it has initiated additional clinical trials to evaluate the potential additional benefits of Fovista administered in combination with anti-VEGF drugs in wet AMD patients, known as Fovista Expansion Studies. Zimura has completed a small, multicenter, uncontrolled, open label Phase I/IIa clinical trial.