VALERITAS HOLDINGS, INC. (OTCBB:CYGM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
On November28, 2016, Nathan Hukill informed Valeritas Holdings,
Inc. (the Company) that he will resign from the
Board of Directors (the Board) of the Company as
of December1, 2016. To fill the vacancy left by Mr.Hukills
resignation, the Board unanimously appointed Joe Mandato, D.M. as
a director of the Company, effective as of December1, 2016. The
Board affirmatively determined that Dr.Mandato is independent
under the required standards set forth in Rule 10A-3(b) of the
Securities Exchange Act of 1934 and Rule 5605(a)(2) of the NASDAQ
Listing Rules. Dr.Mandato will serve as a Class I director whose
term will expire at the Companys 2017 annual meeting of
stockholders.
Dr.Mandato will receive the Companys standard compensation
provided for independent directors, which consists of an annual
cash retainer of $35,000, with such cash payment for 2016 being
pro-rated for his length of service during such calendar year. In
addition, he will also receive a grant of 19,000 stock options to
the Valeritas Holdings, Inc. 2016 Incentive Compensation Plan.
The Company may also reimburse directors for any reasonable
expenses incurred by them in connection with services provided in
such capacity.
Since March 2003, Dr.Mandato has served as a managing director of
DeNovo Ventures, a venture capital firm focused on life sciences.
Prior to DeNovo Ventures, Dr.Mandato held top leadership
positions at Ioptex, Confer Software, Gynecare and Origin
Medsystems. Dr.Mandato also served as a member of the Board of
Directors of AxoGen Corporation from February 2006 until its
merger with and into AxoGen, Inc. in September 2011, and then
served on the Board of AxoGen, Inc. until September 2016.
Dr.Mandato received a doctorate in management from Case Western
Reserve University, and now serves on its Board of
Trustees.Dr.Mandato also holds the Carlo Rossi Chair in
Entrepreneurship and Management at the University of San
Francisco, is a Lecturer at Stanford University and is currently
a Fellow in the Harvard University Advanced Leadership
Initiative. Additionally, Dr.Mandato currently serves on the
boards of both the Embrace Global and Save the Children
organizations.
Item8.01. Other Events
On November30, 2016, the Company issued a press release titled
Valeritas Elects Joe Mandato, Ph.D., Experienced Medical
Device Executive and Investor, to Board of Directors. A copy
of the press release is filed as Exhibit 99.1 to, and
incorporated by reference in, this report.
Item9.01. Exhibits
| (d) | Exhibits |
| 99.1 |
Press release issued by the Company on November30, 2016 titled Valeritas Elects Joe Mandato, Ph.D., Experienced Medical Device Executive and Investor, to Board of Directors. |
About VALERITAS HOLDINGS, INC. (OTCBB:CYGM)
Valeritas Holdings, Inc., formerly Cleaner Yoga Mat, Inc., is a commercial-stage medical technology company. The Company is focused on developing technologies for Type 2 diabetes. It has developed its commercialized product, the V-Go Disposable Insulin Delivery Device (V-Go) to help patients with Type 2 diabetes who require insulin to maintain their target blood glucose goals. V-Go is a disposable insulin delivery device that a patient adheres to his or her skin every 24 hours. V-Go enables patients to closely mimic the body’s normal physiologic pattern of insulin delivery throughout the day and to manage their diabetes with insulin without the need to plan a daily routine around multiple daily injections. It has developed V-Go utilizing its h-Patch platform as a patient-focused solution to address insulin therapies. Its h-Patch platform facilitates the subcutaneous delivery of injectable medicines to patients across a range of therapeutic areas.
