SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 15, 2019
BioDelivery Sciences International, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
4131 ParkLake Ave., Suite #225
|(Address of principal executive offices)||(Zip Code)|
Registrants telephone number, including area code: 919-582-9050
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 15, 2019, BioDelivery Sciences International, Inc. (the Company) appointed Terry Coelho as Chief Financial Officer. Ms. Coelho will also serve as the Companys principal financial officer and principal accounting officer. Ms. Coelho replaced Ernest De Paolantonio in these positions effective as of January 15, 2019. Mr. De Paolantonio will remain at the Company past such date in order to allow for an orderly transition.
In connection with Ms. Coelhos appointments, the Company also entered into an employment agreement with her, effective as of January 15, 2019. The employment agreement provides for an at-will employment arrangement. The employment agreement provides for an initial annual base salary of $385,000 and an annual performance-based incentive cash bonus in an amount initially targeted at 45% of Ms. Coelhos then-current base salary.
If Ms. Coelhos employment is terminated by the Company other than for cause (as defined in her employment agreement), as a result of her death or disability or by Ms. Coelho for good reason (as defined in her employment agreement), and provided that Ms. Coelho signs and does not revoke a general release of claims against the Company, the Company will provide Ms. Coelho with a one-time cash severance payment equal to 100% of her annual base salary plus the pro-rated share of any earned annual bonus. If Ms. Coelhos employment is terminated for cause, the Company will pay Ms. Coelho her salary and expenses reimbursable incurred through the date of termination.
In addition, if Ms. Coelhos employment is terminated by the Company or its successor without cause (as defined in her employment agreement) within twelve months following the occurrence of a change of control (as defined in her employment agreement), and provided that Ms. Coelho signs and does not revoke a general release of claims against the Company, in lieu of the severance payment, (i) Ms. Coelho will be entitled to a one-time cash separation payment equal to 150% of her then current annual base salary and a one-time cash payment of 100% of her annual bonus target; (ii) Ms. Coelho will maintain any rights she may have been specifically granted pursuant to the Company or its successors retirement plans, supplementary retirement plans, profit sharing and savings plans, healthcare, 401(k) and any other employee benefit plans sponsored by the Company or its successor and (iii) all unvested time-based options, restricted stock units or other equity securities to acquire shares of the Companys common stock granted to her under the Companys 2011 Equity Incentive Plan or similar plan shall immediately become fully vested and shall be exercisable to the extent provided in the plan.
In connection with her appointment on January 15, 2019, Ms. Coelho will be granted stock options to purchase shares of the Companys common stock with a value of $400,000 with a strike price based on the 30-day VWAP preceding her grant date and 55,000 restricted stock units. The options and restricted stock units will vest annually in 1/3 increments over 3 years, beginning on the one-year anniversary of her start date. The option is subject to Ms. Coelhos continued service with the Company through the applicable vesting dates and to acceleration upon the occurrence of certain events as set forth in the option agreement and her employment agreement.
The foregoing description of the terms of Ms. Coelhos employment agreement does not purport to be complete and is qualified in their entirety by reference to the complete text of the Employment Agreement, which will be filed as an exhibit to the Companys Quarterly Report on Form 10-Q for the period ended March 31, 2019.
Prior to joining the Company, Ms. Coelho, 57, served as the Chief Financial Officer & Treasurer for Balchem Corporation from October 2017 to October 2018. Prior to that, Ms. Coelho served as Chief Operating Officer of Diversey, Inc. from September 2017 to October 2017. Prior to that role, Ms. Coelho served as Vice President Finance and Global Commercial Excellence for Diversey Care, a division of Sealed Air Corporation, from February 2016 to August 2017 and Vice President Finance for Diversey Care from October 2014 to February 2016. Prior to joining Diversey Care, Ms. Coelho served as the Global Head of Oncology Development Finance for Novartis Pharmaceuticals Corporation, a multinational pharmaceutical company, from March 2010 to October 2014. Ms. Coelho has also held numerous roles of increasing responsibility with Novartis from 2007 through 2014 and with Mars Inc., a global manufacturer of confectionery, pet food and other food products, from 1987 to 2007. Ms. Coelho holds an M.B.A. in Finance from IBMEC in Brazil, and a B.A. in both Economics and International Relations, summa cum laude, from The American University School of International Service, in Washington, DC.
There are no arrangements or understandings between Ms. Coelho and any other person pursuant to which she was appointed as an executive officer of the Company, and there are no relationships between Ms. Coelho and the Company that would require disclosure under Item 404(a) of Regulation S-K.
A copy of the Companys press release announcing the appointment of Terry Coelho as Chief Financial Officer is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
|Item 9.01.|| |
Financial Statements and Exhibits.
|99.1||Press Release, dated January 15, 2019, regarding executive leadership team changes.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|January 17, 2019||BIODELIVERY SCIENCES INTERNATIONAL, INC.|
|Title:||Chief Executive Officer|
BioDelivery Sciences Appoints Terry Coelho as Chief Financial Officer
Raleigh, North Carolina January 15, 2019 BioDelivery Sciences International, Inc. (NASDAQ: BDSI), a rapidly growing commercial-stage specialty pharmaceutical company dedicated to patients living with chronic pain, today announced the appointment of Terry Coelho as Chief Financial Officer. Ms. Coelho brings to BDSI more than 30 years of financial and operational experience and will serve as a member of the companys executive leadership team.
Ms. Coelhos extensive experience includes serving in diverse leadership capacities across various industries for both private and public global companies. Most recently, Ms. Coelho served as Chief Financial Officer and Treasurer at Balchem Corporation. Previously, she served as Chief Operating Office for Diversey, Inc., a multi-billion dollar global private equity carve-out from Sealed Air Corporation and held senior finance positions at Diversey Care from 2014 through 2017. Ms. Coelho has also served in senior finance leadership roles at Novartis from 2007 to 2014.
I am delighted to welcome Terry to our executive leadership team, said Herm Cukier, Chief Executive Officer of BDSI. Terry brings to us broad expertise in business and leadership across all areas of finance and will play an integral role as we continue to focus on the execution of our commercialization strategy.
I am thrilled to join BDSI during this exciting time of growth for the company, said Terry Coelho. The team is driven by a passion to improve the care and lives of patients impacted by chronic pain and I am honored to be part of this mission and to work with the team to build upon its current success.
Ms. Coelho succeeds Ernie De Paolantonio who is retiring from the Company as previously announced. Ernie will work closely with Ms. Coelho over the next few months to ensure a smooth transition of responsibilities. The Company once again thanks Ernie for his continued contributions and wishes him the very best.
Ms. Coelho earned an MBA in Finance from IBMEC in Brazil and a Bachelor of Arts degree in both Economics and International Relations, summa cum laude, from The American University, School of International Service.
About BioDelivery Sciences International, Inc.
BioDelivery Sciences International, Inc. (NASDAQ: BDSI) is a rapidly growing commercial-stage specialty pharmaceutical company dedicated to patients living with chronic pain. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA®) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSIs marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain and opioid dependence. BDSIs headquarters is in Raleigh, North Carolina.
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© 2019 BioDelivery Sciences International, Inc. All rights reserved.
Vice President, Investor Relations
BioDelivery Sciences International, Inc.