Ken Ren Becomes Interim CEO at EntreMed (ENMD)
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EntreMed, Inc. (Nasdaq: ENMD), has appointed Dr. Ken K. Ren as interim Chief Executive Officer, effective as of April 2, 2012.
Dr. Ren has distinguished himself as a leader in the pharmaceutical industry in the roles of drug discovery, development and regulatory, and brings years of experience in conducting global trials for multi-national pharmaceutical and biotech companies. Dr. Ren was also the founder and key manager of several private companies operating in the United States and China in pharmaceutical development and services.
The Compensation Committee of the Company's Board of Directors approved the issuance of an inducement option award to Dr. Ren to purchase up to 150,000 shares of the Company's common stock. The exercise price of this option is equal to the fair market value of the Company's common stock on April 2, 2012, or $2.16. The option will have a term of ten years and will vest and become exercisable as follows: (i) 50% on October 2, 2012 and (ii) the remaining 50% on April 2, 2013. The award, which was made outside of the Company's 2011 Long-Term Incentive Plan, was granted as an inducement award material to Dr. Ren's employment, in accordance NASDAQ Listing Rule 5635(c)(4).
Dr. Ren has distinguished himself as a leader in the pharmaceutical industry in the roles of drug discovery, development and regulatory, and brings years of experience in conducting global trials for multi-national pharmaceutical and biotech companies. Dr. Ren was also the founder and key manager of several private companies operating in the United States and China in pharmaceutical development and services.
The Compensation Committee of the Company's Board of Directors approved the issuance of an inducement option award to Dr. Ren to purchase up to 150,000 shares of the Company's common stock. The exercise price of this option is equal to the fair market value of the Company's common stock on April 2, 2012, or $2.16. The option will have a term of ten years and will vest and become exercisable as follows: (i) 50% on October 2, 2012 and (ii) the remaining 50% on April 2, 2013. The award, which was made outside of the Company's 2011 Long-Term Incentive Plan, was granted as an inducement award material to Dr. Ren's employment, in accordance NASDAQ Listing Rule 5635(c)(4).
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