Posted 08 September, 2022
Cidara Therapeutics, Inc. appointed new CEO
CEO Change detected for ticker Nasdaq:CDTX in a 8-K filed on 08 September, 2022.
On September 2, 2022, Paul Daruwala notified Cidara Therapeutics, Inc. (the "Company") of his intent to resign, effective September 30, 2022, from his positions with the Company, including as its Chief Operating Officer and Chief Commercial Officer. Mr. Daruwala is leaving the Company in order to accept a position as Chief Executive Officer of a preclinical-stage private biotechnology company.
Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Cidara Therapeutics, Inc.
Health Care/Life Sciences • Biotechnology
Cidara Therapeutics, Inc. is a biotechnology company, which engages in the discovery, development, and commercialization of therapeutics for patients facing serious diseases, specifically oncology and infectious diseases. Its product pipeline includes Rezafungin Acetate and Cloudbreak. The company was founded by Kevin M. Forrest, Kevin J. Judice, and H. Shaw Warren in December 2012 and is headquartered in San Diego, CA.Market Cap
$63.9M
View Company Details
$63.9M
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 September 2, 2022, Paul Daruwala notified Cidara Therapeutics, Inc. (the "Company") of his intent to resign, effective September 30, 2022, from his positions with the Company, including as its Chief Operating Officer and Chief Commercial Officer. Mr. Daruwala is leaving the Company in order to accept a position as Chief Executive Officer of a preclinical-stage private biotechnology company. Effective as of the date of Mr. Daruwala's resignation, Shane M. Ward, Chief Legal Officer of the Company, will be promoted to Chief Operating Officer and Chief Legal Officer. There will be no change to Mr. Ward's compensation arrangements with the Company at this time. On August 18, 2021, the Company entered into an employment agreement with Mr. Ward that governs the current terms of his employment with the Company. The employment agreement provides that Mr. Ward will receive an annual base salary of $410,000, less payroll deductions and withholdings, and will be eligible to receive an annual performance bonus with a target bonus percentage equal to 40% of his base salary. Pursuant to the employment agreement, Mr. Ward was granted an option to purchase 250,000 shares of the Company's common stock. In addition, Mr. Ward is entitled to the same severance benefits provided to the Company's other executive officers (excluding the Chief Executive Officer) in connection with a termination of his employment without "cause" or his resignation for "good reason," including with respect to a change in control, and tax gross up payments related to any payments made in connection with a change in control, each as set forth in the Company's form of employment agreement filed as Exhibit 10.6 to the Company's Annual Report on Form 10-K filed with the SEC on March 7, 2022. Mr. Ward also previously entered into the Company's standard form of indemnification agreement for its directors and executive officers. There are no family relationships between Mr. Ward and any of the Company's current or former directors or executive officers. Mr. Ward is not a party to any transaction that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Act of 1933, as amended.
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