PACIRA PHARMACEUTICALS,INC. (NASDAQ:PCRX) 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.
Appointment of Scott Braunstein as Chief Operating Officer
On December5, 2017, Scott Braunstein, the current Senior Vice President, Strategy and Corporate Development of Pacira Pharmaceuticals,Inc. (the “Company”), was promoted to Chief Operating Officer, effective on December11, 2017.
Scott Braunstein, MD has served as the Company’s Senior Vice President, Strategy and Corporate Development since July2015. Prior to joining the Company, Dr.Braunstein was a Healthcare Analyst and Portfolio Manager at J.P. Morgan Asset Management from 2002 to 2014, where he invested in and conducted diligence on a wide variety of pharmaceutical products and product candidates, pharmaceutical company strategies, business models and management teams, providing stock recommendations for the entire J.P. Morgan Asset Equity Group. He also served in a similar role at Everpoint Asset Management from 2014 to 2015. Dr.Braunstein has been an operating partner of Aisling Capital, a private equity firm focusing on healthcare companies, since 2015. Dr.Braunstein earned his medical degree from the Albert Einstein College of Medicine, completed his internal medical residency at Cornell University-New York Hospital and conducted additional research in immunology and wound healing from 1993 to 1994 at Rockefeller University.
In connection with Dr.Braunstein’s appointment to Chief Operating Officer, his annual base salary was increased to $500,000 and his target bonus was increased to 50% of such base salary effective for 2018. Dr.Braunstein will also be granted options to purchase 60,000 shares of the Company’s common stock at an exercise price equal to the closing price on the second full trading day in January2018. The options vest as to 25% of the options on the first anniversary of the grant date, with the remaining options vesting in equal quarterly installments over the subsequent three years. Except for the changes noted above, the terms of Dr.Braunstein’s employment agreement with the Company remain in full force and effect.
On December7, 2017, the Company issued a press release relating to the promotion of Dr.Braunstein, a copy of which is attached as Exhibit99.1 to this Current Report on Form8-K.
Item 9.01. Financial Statements and Exhibits.