Date: 2017-02-27
Type of information: Nomination
Compound:
Company: CTI BioPharma - previously known as Cell Therapeutics (USA - WA)
Therapeutic area: Cancer - Oncology
Type agreement: nomination
Action mechanism:
Disease:
Details:
- • On February 27, 2017, CTI BioPharma announced the appointment of Adam Craig, as President and Chief Executive Officer (CEO) and member of the Board of Directors effective March 20, 2017. Dr. Craig succeeds Richard Love, interim President and CEO who will continue to serve on the company's Board of Directors.
- Dr. Craig has over 20 years of experience in hematology, oncology and drug development in both the US and Europe. He has worked as an independent consultant providing strategic and operational advice and support to CTI BioPharma and other hematology/oncology biotechnology companies since 2016. Prior to consulting, Dr. Craig was Chief Medical Officer (CMO) and Executive Vice President of Development of Sunesis Pharmaceuticals from 2012 to 2016. From 2008 to 2012, Dr Craig was CMO and Senior Vice President of Chemgenex Pharmaceuticals, a publicly-traded biotechnology company which was acquired by Cephalon/Teva Pharmaceuticals in 2011.
- Dr. Craig is a Member of the Royal College of Physicians (UK) and undertook Post-Graduate Training in Pediatrics and Pediatric Oncology. Dr. Craig earned his Bachelor's and Medical degrees from Charing Cross and Westminster Medical School, University of London and holds a Ph.D. in Molecular Oncology from Leeds University in the U.K. and an MBA from the Open Business School, in the United Kingdom. Dr. Craig recently served as a Product Development Reviewer for the Cancer Prevention Research Institute of Texas.
- While working with the company over the past few months, Dr. Craig has assisted with the analysis of pacritinib data and correspondence with both the FDA and EMA.
- In connection with his appointment as President and Chief Executive Officer, Dr. Craig will be granted stock options to purchase 1.2 million shares of CTI BioPharma's common stock at a per share price equal to the closing price of a share of the CTI BioPharma's common stock on The NASDAQ Stock Market on his employment commencement date. The stock options will have a maximum term of ten years and will vest in six equal semi-annual installments over the three-year period following his employment commencement date, subject to Dr. Craig's continued employment through the applicable vesting dates and acceleration under certain circumstances. The stock options are an inducement material to Dr. Craig's entering into employment with CTI BioPharma. A portion of the stock options (covering not more than 80,000 shares) will be granted under CTI BioPharma's 2015 Equity Incentive Plan. The balance of such stock options will be granted in accordance with NASDAQ Listing Rule 5635(c)(4).
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Is general: Yes
