PHILADELPHIA, PA -- (Marketwired) -- 05/03/16 --
Medgenics, Inc.(NYSE MKT: MDGN) today announced the appointment of Michael Diem, MD as Senior Vice President of Corporate and Business Development. Dr. Diem will be a key member of the Medgenics leadership team, heading all business and corporate development activities. Mike was recently with AstraZeneca as the Head of Corporate Strategy and Corporate Development, where he was responsible globally for corporate strategy, corporate development and MedImmune Ventures. Prior to joining AstraZeneca, Mike was the Head of Business Development for GlaxoSmithKline (GSK) Rare Diseases where he was responsible for partnerships, licensing and mergers and acquisitions (M&A). Earlier in his career at GSK, Mike was a partner in its corporate venture capital firm, SR One, Limited where he was responsible for many of the firm's investments and served on the boards of numerous companies. Prior to GSK, Mike was an associate at Frantz Medical Ventures and practiced medicine for 6 years. He holds a BA in biological sciences from Rutgers University, an MD from the Rutgers-Robert Wood Johnson Medical School, an MBA from the Weatherhead School of Management at Case Western Reserve University, completed his medical training at Duke University Medical Center and is an alumnus of the Kauffman Fellows Program.
"We are very pleased to announce the appointment of Mike to our team," said Mike Cola, Chief Executive Officer of Medgenics. "Mike brings tremendous experience resulting from multiple strategic corporate development roles to Medgenics, and he will contribute significantly to our future growth as a company."
In connection with the appointment of Dr. Diem, the Compensation Committee of the Medgenics Board of Directors has granted him inducement awards consisting of stock options covering up to 350,000 shares of the Company's common stock, $0.0001 par value per share (Common Stock), at a per share exercise price of $5.10, representing the closing price of the Common Stock on the grant date, May 2, 2016. These options have a 10-year term, with one-third of the options vesting on the first anniversary of grant, the balance vesting in equal increments on a monthly basis thereafter, subject to Dr. Diem's continuous service through each vesting date. The Compensation Committee of the Medgenics Board of Directors, which is comprised solely of independent directors, granted this award on May 2, 2016 pursuant to a stand-alone award agreement outside of Medgenics' Stock Incentive Plan, as an inducement material to Dr. Diem's acceptance of his appointment to the company in accordance with Section 711 of the NYSE MKT Company Guide.
About Medgenics, Inc.
Medgenics is dedicated to unlocking the potential of genomic medicine to identify and treat patients with life-altering conditions. Its efforts, including its internal research and development and ongoing sponsored research and licensing agreements with a well-respected pediatric academic medical center, give Medgenics the ability to focus on the underlying genetic pathway of pediatric diseases with the goal of finding therapeutic solutions for subpopulations of both children and adults living with rare and other difficult-to-treat diseases. Medgenics is the developer of TARGT™ (Transduced Autologous Restorative Gene Therapy), a proprietary platform for the sustained production and delivery of therapeutic proteins, monoclonal antibodies and peptides in patients using ex vivo gene therapy and their own tissue for the treatment of rare and orphan diseases. For more information, visit the Company's website at www.medgenics.com.
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995, which include all statements other than statements of historical fact, including (without limitation) those regarding the Company's financial position, its development and business strategy, its product candidates and the plans and objectives of management for future operations. The Company intends that such forward-looking statements be subject to the safe harbors created by such laws. Forward-looking statements are sometimes identified by their use of the terms and phrases such as "estimate," "project," "intend," "forecast," "anticipate," "plan," "planning, "expect," "believe," "will," "will likely," "should," "could," "would," "may" or the negative of such terms and other comparable terminology. All such forward-looking statements are based on current expectations and are subject to risks and uncertainties. Should any of these risks or uncertainties materialize, or should any of the Company's assumptions prove incorrect, actual results may differ materially from those included within these forward-looking statements. Accordingly, no undue reliance should be placed on these forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, the events described in the forward-looking statements contained in this release may not occur.