RALEIGH— Heat Biologics Inc., a Durham based biotechnology company, issued $374,076 in cash bonuses, restricted stock and stock options to its top three executives for 2018, according to a Securities and Exchange Commission filing.
Chief Executive Officer Jeffrey Wolf was granted a $208,576 cash bonus, 800,000 shares of restricted stock and an option to purchase 800,000 shares of common stock.
Ann Rosar, vice president of finance, received a $65,000 cash bonus, 89,430 shares of restricted stock and an option to purchase 110,570 shares of common stock.
Heat Biologics
Chief Scientific Officer and Chief Operating Officer Jeff Hutchins received a $100,500 cash bonus, 143,140 shares of restricted stock and an option to purchase 356,860 shares of common stock. Hutchins also received an increase in his cash performance bonus target from 25 percent of base salary to 30 percent.
Heat Biologics is a biopharmaceutical company developing drugs designed to activate a patient’s immune system against cancer. It was founded in 2008 with the mission to change how cancer is treated through therapies that harness the power of the patient’s own immune system.
The company reported a third-quarter net loss of $3.7 million, or 16 cents per share. The earnings of the biopharmaceutical company were 10 cents lower than analyst estimates polled by Nasdaq.
Heat Biologics finished the quarter with $21 million in cash and cash equivalents on hand. It expects to receive an additional $6.9 million in grant funds for its co-stimulatory antibody PTX-35 within the next few months.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.
