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 Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December12, 2018, the Board of Directors (the “Board”) of Ophthotech Corporation (the “Company”) increased the size of the Board from seven to eight members and elected Adrienne L. Graves, Ph.D., as a director of the Company, effective immediately. Dr.Graves was appointed as a ClassIII director and will serve in accordance with the Amended and Restated Bylaws of the Company until the 2019 annual meeting of stockholders and thereafter until her successor is duly elected and qualified or until her earlier death, resignation or removal. Dr.Graves was also appointed to serve on the Compensation Committee of the Board. Following Dr.Graves’ appointment, the Compensation Committee is now comprised of Dr. Graves, Mr. David Redlick (Chair), Dr. Thomas Dyrberg, M.D., D.M.Sc., and Dr. Michael J. Ross, Ph.D.
In accordance with the Company’s director compensation policy (the “Policy”), Dr.Graves will receive (i)annual cash compensation of $45,000 for her service as a director, (ii)additional annual cash compensation of $7,500 as a member of the Compensation 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, Dr.Graves 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 $1.45, which was the closing price of the Company’s common stock on Wednesday, December 12, 2018, the date of grant. 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.
On December 12, 2018, Dr. Ross informed the Board that he is resigning from the Board effective at the end of February 2019. Dr. Ross informed the Board that his decision to resign was based on his commitments to SV Health Investors, where he serves as a Managing Partner, and not as a result of any disagreement 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.
