R. Alberto Avendano, M.D. was hired as our Chief Medical Officer, reporting to David A. Dresner, our interim Chief Executive Officer and President. Dr. Avendano, age 55, is an at-will employee and will receive a base salary of $270,000 per year with the opportunity to earn an annual bonus of up to $50,000 based on performance. He received incentive stock options for 20,000 shares of Osiris Therapeutics stock at an exercise price of $4.96 that vests on an equal basis annually over four years. Dr. Avendano is also entitled to reimbursement for temporary housing costs for the first 12 months of his employment, while he relocates from Richmond, Virginia to the local Columbia, Maryland area.
Dr. Avendano received his license to practice medicine almost 30-years ago. From June 2013 until joining Osiris, Dr. Avendano served as the Medical Director for Indivior Inc. (previously Reckitt Benckisser Pharmaceuticals). Prior to joining Indivior, Dr. Avendano served in a variety of medical director and research positions, most recently as Associate Medical Director at EMD Serono, Inc.