Cytosorbents Appoints Dr. Vincent P. Cappello as CMO
Ticker: CTSO · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1175151
| Field | Detail |
|---|---|
| Company | Cytosorbents CORP (CTSO) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $0.95 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, compensation
TL;DR
Cytosorbents makes Dr. Cappello permanent CMO, boosting STAR-001 drug development.
AI Summary
Cytosorbents Corporation announced on March 29, 2024, the appointment of Dr. Vincent P. Cappello as Chief Medical Officer. Dr. Cappello previously served as the company's Chief Medical Officer on an interim basis and has been instrumental in the development of the company's STAR-001 drug. He will receive an annual base salary of $400,000, along with stock options and other benefits.
Why It Matters
The permanent appointment of a Chief Medical Officer with deep involvement in product development signals a commitment to advancing the company's therapeutic pipeline.
Risk Assessment
Risk Level: low — This filing primarily concerns an executive appointment and compensation, which typically carries lower risk than financial restatements or major business changes.
Key Numbers
- $400,000 — Annual Base Salary (For the new Chief Medical Officer, Dr. Vincent P. Cappello.)
Key Players & Entities
- Cytosorbents Corporation (company) — Registrant
- Dr. Vincent P. Cappello (person) — Appointed Chief Medical Officer
- STAR-001 (drug) — Product in development
- $400,000 (dollar_amount) — Annual base salary for CMO
FAQ
What is the effective date of Dr. Vincent P. Cappello's appointment as Chief Medical Officer?
The earliest event reported is March 29, 2024.
What is Dr. Cappello's annual base salary?
Dr. Cappello's annual base salary is $400,000.
What is the significance of STAR-001 in relation to Dr. Cappello's role?
Dr. Cappello has been instrumental in the development of the STAR-001 drug.
What was Dr. Cappello's previous role at Cytosorbents?
Dr. Cappello previously served as the company's Chief Medical Officer on an interim basis.
In which state is Cytosorbents Corporation incorporated?
Cytosorbents Corporation is incorporated in Delaware.
Filing Stats: 826 words · 3 min read · ~3 pages · Grade level 10.5 · Accepted 2024-04-03 06:06:01
Key Financial Figures
- $0.001 — e on which registered common stock, $0.001 par value CTSO The Nasdaq Stock Marke
- $0.95 — ock on March 28, 2024, which amount was $0.95. The nonqualified stock options also ha
Filing Documents
- tm2410651d1_8k.htm (8-K) — 35KB
- tm2410651d1_ex10-1.htm (EX-10.1) — 8KB
- tm2410651d1_ex10-2.htm (EX-10.2) — 60KB
- 0001104659-24-042809.txt ( ) — 291KB
- ctso-20240329.xsd (EX-101.SCH) — 3KB
- ctso-20240329_lab.xml (EX-101.LAB) — 33KB
- ctso-20240329_pre.xml (EX-101.PRE) — 22KB
- tm2410651d1_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Salary Reduction Program and Stock Option Grants . On March 29, 2024, the Board of Directors (the "Board") of CytoSorbents Corporation (the "Company") authorized and approved a voluntary salary reduction program for certain of the Company's employees, including the Company's named executive officers, as part of the Company's cost-cutting measures implemented in the best interests of the Company and its stockholders (the "Reduction Program"). Executive officers Phillip P. Chan, MD, PhD (Chief Executive Officer), Vincent J. Capponi, MS (President and Chief Operating Officer), Kathleen P. Bloch, MBA, CPA (Chief Financial Officer) and Efthymios N. Deliargyris, MD (Chief Medical Officer) chose to participate. In connection with the Reduction Program, the Board authorized, approved and adopted a form payment reduction agreement, which was executed by each of the named executive officers and the Company. The salary reduction agreements serve as amendments to the existing employment agreements between the named executive officers and the Company. Pursuant to the salary reduction agreements, the CEO agreed to reduce his base salary by 35% and each of the other named executive officers agreed to reduce his or her base salary by 15%, as set forth in the table below. The reduced base salary is effective for the period of April 1, 2024 through December 31, 2024. As of January 1, 2025, each of the named executive officer's base salary will be automatically restored to the base salary in effect prior to the reduction. As consideration for the voluntary participation in the Reduction Program, on March 29, 2024, the Company's Board also approved grants of nonqualified stock options to each participant under the Company's 2014 Long-Term Incentive Plan, as amended (the "Plan"), and the form of Nonqualified Stock Option Agree
01
Item 9.01 Exhibits (d) Exhibits Exhibit No. Description 10.1 Form of Payment Reduction Agreement. 10.2 Form of Nonqualified Stock Option Agreement 104 Cover Page Interactive Data File (embedded with the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 2, 2024 CYTOSORBENTS CORPORATION By: /s/ Dr. Phillip P. Chan Name: Dr. Phillip P. Chan Title: Chief Executive Officer