Market Exclusive

RIGEL PHARMACEUTICALS,INC. (NASDAQ:RIGL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

RIGEL PHARMACEUTICALS,INC. (NASDAQ:RIGL) 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 February 22, 2017, Stephen A. Sherwin, M.D. notified Rigel Pharmaceuticals, Inc. (the “Company”) of his decision to resign as a member of the Board of Directors of the Company (the “Board”), effective as of May 11, 2017, the anticipated date of the Company’s 2017 Annual Meeting of Stockholders. At the time of Dr. Sherwin’s resignation, he was an independent director and member of the Audit Committee, Governance Committee and Scientific and Clinical Trial Advisory Committee of the Board. Dr. Sherwin indicated that his decision to resign was not a result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

Effective February 24, 2017, and solely in order to provide for an equal apportionment of the members of the among the three classes of the Company’s classified Board, Raul R. Rodriguez, age 56, resigned from the Board as a director continuing in office until the Company’s 2018 Annual Meeting of Stockholders and was immediately reappointed by the Board as a director continuing in office until the Company’s 2017 Annual Meeting of Stockholders.

Effective upon Dr. Sherwin’s resignation, the Board also appointed Gary A. Lyons, a current member of the Board, to the Audit Committee of the Board (the “Audit Committee”). Mr. Lyons’s appointment to the Audit Committee fills the vacancy created by the resignation of Dr. Sherwin. The Board has determined that Mr. Lyons meets the requirements for independence and financial literacy of audit committee members under the applicable listing standards of The NASDAQ Stock Market LLC and the Securities Exchange Act of 1934, as amended. No other changes were made to any other committee of the Board.

In connection with these actions and in accordance with the Company’s amended and restated certificate of incorporation and amended and restated bylaws, the Board eliminated the vacancy created from Dr. Sherwin’s resignation from the Board by reducing the total number of authorized directors to six (6) members, effective upon Dr. Sherwin’s resignation. Accordingly, following Mr. Rodriguez’s resignation and reappointment and Dr. Sherwin’s resignation, there will be two directors each of whose term of office expires at the Company’s 2017 Annual Meeting of Stockholders, one director whose term of office expires at the Company’s 2018 Annual Meeting of Stockholders and three directors each of whose term of office expires at the Company’s 2019 Annual Meeting of Stockholders.

The reallocation of Mr. Rodriguez as a director continuing in office until the Company’s 2017 Annual Meeting of Stockholders had no effect on any aspect of Mr. Rodriguez’s compensatory arrangements with the Company.

About RIGEL PHARMACEUTICALS, INC. (NASDAQ:RIGL)
Rigel Pharmaceuticals, Inc. is a clinical-stage biotechnology company. The Company is engaged in the discovery and development of targeted drugs in the therapeutic areas of immunology, oncology and immuno-oncology. The Company’s clinical programs include fostamatinib, an oral spleen tyrosine kinase (SYK) inhibitor, which is in Phase III clinical trials for immune thrombocytopenic purpura (ITP); a Phase II clinical trial for autoimmune hemolytic anemia (AIHA), and a Phase II clinical trial for IgA nephropathy (IgAN). It has approximately two oncology product candidates in Phase I development. The Company is also engaged in conducting research in the disease areas of inflammation/immunology, and muscle wasting/muscle endurance, among others. Its product pipeline includes R348, which is a topical ophthalmic Janus kinase (JAK)/SYK inhibitor. The R348 product candidate is in Phase II clinical trials for the treatment of dry eye in patients with ocular graft-versus-host disease (GvHD). RIGEL PHARMACEUTICALS, INC. (NASDAQ:RIGL) Recent Trading Information
RIGEL PHARMACEUTICALS, INC. (NASDAQ:RIGL) closed its last trading session down -0.02 at 2.30 with 913,402 shares trading hands.

Exit mobile version