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Posted 23 March, 2021

ABEONA THERAPEUTICS INC. appointed Michael Amoroso as new CEO

Nasdaq:ABEO appointed new Chief Executive Officer Michael Amoroso in a 8-K filed on 23 March, 2021.


  On March 19, 2021, Abeona Therapeutics Inc. (the "Company") appointed Michael Amoroso, the Company's Chief Operating Officer, as President, Chief Executive Officer and Director, effective on that same date.  

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Overview of ABEONA THERAPEUTICS INC.
Health Care/Life Sciences • Biotechnology
Abeona Therapeutics, Inc. is a clinical stage biopharmaceutical company, which engages in the development of gene therapy for severe and life-threatening rare diseases. It programs include EB-101 (gene-corrected skin grafts) for recessive dystrophic epidermolysis bullosa (RDEB), ABO-102 (AAV-SGSH), an adeno-associated virus (AAV) based gene therapy for Sanfilippo syndrome type A (MPS IIIA), and ABO-101 (AAV NAGLU), an AAV based gene therapy for Sanfilippo syndrome type B (MPS IIIB). The company was founded in 1974 and is headquartered in Cleveland, OH.
Market Cap
$229M
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ABEONA THERAPEUTICS INC. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On March 19, 2021, Abeona Therapeutics Inc. (the "Company") appointed Michael Amoroso, the Company's Chief Operating Officer, as President, Chief Executive Officer and Director, effective on that same date. In this role, Mr. Amoroso will continue to serve as the Company's principal executive officer and principal operating officer.


In connection with his appointment as Chief Executive Officer, Mr. Amoroso and the Company entered into a letter agreement (the "Agreement"), pursuant to which Mr. Amoroso will receive an annual base salary of $550,000, payable in accordance with regular payroll practices of the Company. Mr. Amoroso will also be entitled to an annual bonus opportunity, with a target range equal to 50% of his base salary and prorated for any partial year of service. Any such bonus will be contingent on Mr. Amoroso's satisfaction of objective and subjective performance goals established by the Company's Board of Directors (the "Board"). Additionally, Mr. Amoroso will receive 250,000 shares of restricted stock and options to purchase 500,000 shares of common stock of the Company. The options have a 10-year term and will vest 25% on the one-year anniversary of the grant date and the remaining 75% will vest in equal monthly installments over the following 36 months. The restricted stock will vest 25% on the one-year anniversary of the grant date and the remaining 75% will vest in equal quarterly installments over the following 36 months. Mr. Amoroso will also be entitled to receive stock option grants and other long-term compensation grants under the Abeona Therapeutics Inc. 2015 Equity Incentive Plan subject to the Board's discretion and approval. The foregoing summary of the Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2021.