Heron Therapeutics (HRTX) Sinks as 3 Key Execs Resign
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Heron Therapeutics (NASDAQ: HRTX) is under heavy pressure Monday (-10.6%) after the company disclosed late Friday it has accepted the resignations of Neil J. Clendeninn, M.D., Ph.D., the Company’s Senior Vice President, Chief Medical Officer, Paul G. Marshall, the Company’s Senior Vice President, Technical Operations, and Brian G. Drazba, the Company’s Vice President, Finance and Chief Financial Officer. The resignations of Dr. Clendeninn and Mr. Marshall are effective as of September 30, 2016.
Heron said they will each be eligible to receive a one-time severance payment equal to their respective 2016 annual salary, plus the 2016 annual bonus payment for Dr. Clendeninn and the average annual bonus paid over the prior three years for Mr. Marshall, and certain additional severance benefits.
The resignation of Mr. Drazba will be effective as of March 31, 2017, at which time he will be eligible to receive a one-time severance payment equal to his 2016 annual salary and his average annual bonus paid over the prior three years, as well as certain additional severance benefits.
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