DURHAM — Struggling Argos Therapeutics Inc. has agreed to give its three top executives retention pay during the next month as a way of keeping them on board the company, according to a filing Friday with the Securities and Exchange Commission.
On July 20, Chief Executive Officer Jeffrey Abbey received $97,000 while Chief Scientific Officer Charles Nicolette received $78,000 and Chief Financial Officer Richard Katz received $62,000, according to the filing.
On Aug. 15, Abbey will receive $224,000 while Nicolette will receive $178,000 and Katz will receive $149,000.
The agreements with the executives also provides for a salary increase for the three executives between July 16 and Aug. 15.
Abbey will receive a salary increase of $20,000 while Nicolette will receive $16,000 and Katz will receive $12,000.
The three executives have agreed to waive their rights to receive any severance or post-employment benefits from the drug development company.
In April, Argos terminated its study on treatment of newly diagnosed metastatic renal cell carcinoma, causing is stock to fall 68 percent in one day.
The company at that time planned to explore a variety of strategic alternatives that may include a merger or sale of the company, among other alternatives. Argos Therapeutics hired Stifel, Nicolaus & Co. to serve as the company’s financial advisor in the process.
Its stock was also delisted from Nasdaq and now trades on an over-the-counter bulletin board. It closed Friday at 15.8 cents, up 1.3 cents.
On April 20, 2018, the company sold 375,000 shares to Lummy (Hong Kong) Co. Ltd. for $450,000. Lummy paid the company a milestone payment of $1.05 million from a licensing agreement at the same time.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
