Pfenex Inc. (NYSEMKT:PFNX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Pfenex Inc. (NYSEMKT:PFNX) 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.

Story continues below

On March14, 2018, Dennis M. Fenton, Ph.D., a member of the Board of Directors (the “Board”) of Pfenex Inc. (the “Company”) notified the Company that he will not stand for reelection at the Company’s next annual meeting of stockholders (the “Annual Meeting”). Dr.Fenton’s decision to not stand for reelection was not the result of a disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Dr.Fenton will continue to serve as director until the expiration of his term. The Board would like to thank Dr. Fenton for his dedicated service to Pfenex not only as a member of the Board for the last three years, but also for his service as chairperson of our Scientific Advisory Board.

In connection with Dr.Fenton’s decision not to stand for re-election to the Board at the Annual Meeting, the Board, on March14, 2018, resolved to reallocate a ClassIII director (with a term expiring at the 2020 annual meeting of stockholders) to ClassI (with a term expiring at the 2018 annual meeting of stockholders). Accordingly, on March14, 2018, Sigurdur Olafsson, age 49, stepped down as a ClassIII director and was immediately reappointed to the Board as a ClassI director. Concurrently, the number of ClassI seats was increased by one to three seats, and the number of ClassIII seats was reduced by one to two seats. Effective upon the expiration of Dr.Fenton’s term at the Annual Meeting, the size of the Board will be reduced to six members and the number of ClassI seats will be reduced to two. Dr.Fenton will continue to serve on the Company’s audit committee, compensation committee, and corporate governance and nominating committee until the expiration of his term. Effective upon the expiration of Dr.Fenton’s term, Jason Grenfell-Gardner will join the audit committee and Sigurdur Olafsson will join the compensation committee.


About Pfenex Inc. (NYSEMKT:PFNX)

Pfenex Inc. is a clinical-stage biotechnology company. The Company is engaged in the development of biosimilar and therapeutic equivalent products to branded therapeutics and other high-value and difficult-to-manufacture proteins. Its lead product candidate is PF582, a biosimilar candidate to Lucentis (ranibizumab). Its next advanced product candidates are PF530 and PF708. PF530 is a biosimilar candidate to Betaseron (interferon beta-1b). PF708 is being developed as a therapeutically equivalent peptide to Forteo (teriparatide), which is for the treatment of osteoporosis. In addition to its three advanced product candidates, its pipeline includes over four other biosimilar candidates, as well as vaccines and next generation biologic candidates. Its product candidates are enabled by its protein production platform, Pfenex Expression Technology. It is also developing Px563L, an anthrax vaccine candidate, and Px533 as a prophylactic vaccine candidate against malaria infection.

An ad to help with our costs