Skyline Medical Inc. (NASDAQ:SKLN) 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 Dr. Carl Schwartz as Chief Executive Officer. Effective December 1, 2016, Dr. Carl Schwartz, the then-current Executive Chairman of the Company, was appointed by the Board of Directors as the Company’s Chief Executive Officer. In connection with his appointment as Chief Executive Officer, Dr. Schwartz no longer has the title of Executive Chairman. Dr. Schwartz became a director of the Company on March 23, 2016. On May 5, 2016, the Board of Directors appointed Dr. Schwartz as the Company’s Interim Chief Executive Officer. He was Interim Chief Executive Officer until October 11, 2016, when the Board of Directors appointed him as Executive Chairman. Dr. Schwartz served as Executive Chairman of the Company from October 11, 2016, to December 1, 2016.
Dr. Schwartz, age 75, was the owner and manager of dental groups in Burton, Michigan, and Grand Blanc, Michigan. Dr. Schwartz previously served on the Board of Delta Dental Corporation of Michigan, was a member of the Michigan Advisory Board for Liberty Mutual Insurance and was a member of the Board of Trustees of the Museum of Contemporary Art in Florida.
In 1988 Dr. Schwartz joined a family business, becoming chief executive officer of Plastics Research Corporation, a Flint, Mich. manufacturer of structural foam molding, a low pressure injection molding process. While there, he led its growth from $2 million in revenues and 20 employees, to its becoming the largest manufacturer of structural foam molding products under one roof in the U.S., with more than $60 million in revenues and 300 employees when he retired in 2001.
Appointment of Richard Gabriel to Board of Directors. Effective December 1, 2016, the Board of Directors appointed Richard Gabriel to serve as a director of the Company, and that appointment increased the number of directors of the Company to six.
Mr. Gabriel has more than 40 years of relevant healthcare experience, including two decades of executive leadership and as a director and a consultant to development-stage companies. He has served as chief operating officer of GLG Pharma, LLC (“GLG”) since 2009. He was chief executive officer of DNAPrint Genomics and DNAPrint Pharmaceuticals from 2003 to 2009. He is currently a director of Windgap Medical, a Massachusetts-based medical device company that is developing a compact and easy-to-use epinephrine autoinjector for the treatment of anaphylaxis. Mr. Gabriel holds an MBA from Suffolk University in Boston and a BS in Chemistry from Ohio Dominican College in Columbus.
Mr. Gabriel serves as a director of GLG. On September 20, 2016, the Company entered into a partnership and exclusive reseller agreement with GLG. Under the terms of that agreement, GLG intends to develop rapid diagnostic tests that utilize fluid and tissue collected by the STREAMWAY System during procedures. The Company will issue an aggregate of 400,000 shares common stock to GLG in four separate tranches of 100,000 shares of common stock in each tranche. The shares reserved in each tranche will be released after the achievement of certain development milestones designated in the agreement. In addition, the Company will pay a royalty to GLG on the sale of individual tests. Also, on November 1, 2016, the Company announced that it agreed to grant GLG exclusive rights to market and distribute the STREAMWAY System in the U.K. On November 2, 2016, the Company announced that it agreed to grant GLG the same rights in Poland and certain other countries in Central Europe.
About Skyline Medical Inc. (NASDAQ:SKLN)
Skyline Medical Inc. is a medical device company that develops and manufactures The STREAMWAY System, a solution for the collection and disposal of infectious fluids that result from surgical procedures and post-operative care. The Company distributes these products to hospitals, surgical centers and other medical facilities where bodily and irrigation fluids produced during surgical procedures must be contained, measured, documented and disposed. The Company also manufactures and sells two disposable products required for system operation: a bifurcated single procedure filter and tissue trap, and a single use bottle of cleaning solution. Both items are used on a single procedure basis. Its STREAMWAY Automated Surgical Fluid Waste Management System (FMS) is a wall mounted automated system that disposes of an unlimited amount of suctioned fluid from the patient using standard surgical tubing. The FMS suctions surgical waste fluid from the patient using standard surgical tubing. Skyline Medical Inc. (NASDAQ:SKLN) Recent Trading Information
Skyline Medical Inc. (NASDAQ:SKLN) closed its last trading session down -0.03 at 2.92 with 242,923 shares trading hands.