DURHAM — The chief executive officer of drug development company Fennec Pharmaceuticals saw a 64 percent increase in compensation in 2017, primarily due to receiving a bonus, according to a filing with the Securities and Exchange Commission.
Rostislav Raykov, who has been CEO since 2009, received $610,079 in compensation in 2017, up from $371,885 in compensation in 2016.
His base salary rose to $262,500 in 2017 from $215,000 in 2016.
His option awards rose to $187,579 in 2017 from $156,885.
Roykov also received a $160,000 bonus in 2017 after not receiving a bonus in 2016.
The filing also disclosed that Raykov’s base salary was increased to $350,000 on Jan. 1, 2018.
Robert Andrade, the company’s chief financial officer, saw a 10.7 percent decrease in compensation in 2017 due to a decline in his option awards.
Andrade’s base salary rose to $195,000 in 2017 from $177,500 in 2016. He received a bonus of $110,000 in 2017 after not receiving a bonus in 2016.
His stock options fell to $93,788 in 2017 from $268,933 in 2016.
In March, the Durham-based company was granted fast track designation for its signature drug by the U.S. Food and Drug Administration.
Fast track designation will allow for the company, which is currently pursuing FDA approval for a drug, to expedite the review process and receive closer collaboration with the administration. The designation is a big step for any drug undergoing the approval process, which often can take years at a time.
Fennec’s signature drug is Pedmark, a formulation of sodium thiosulfate.
The company’s intended use for the drug is to prevent the risk of hearing loss that can result during the treatment of hepatoblastoma, a cancerous tumor that begins in the liver and primarily affects children from infancy to age three.
Fennec’s stock is trading at $12, up 31 cents, or 2.65 percent, in Monday afternoon trading.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
