GenMark Diagnostics Reports Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
May 15 2014 - 4:09PM
Business Wire
GenMark Diagnostics, Inc. (Nasdaq:GNMK) announced today
that the Compensation Committee of GenMark’s Board of Directors
granted an inducement award pursuant to NASDAQ Listing Rule
5635(c)(4) to Scott Mendel in connection with his employment as
GenMark's Chief Financial Officer.
On May 12, 2014, GenMark announced the hiring of Mr. Mendel,
with his employment beginning on May 13, 2014. In connection with
GenMark’s offer of employment to Mr. Mendel and pursuant to his
employment offer letter effective May 7, 2014, Mr. Mendel’s
inducement award consists of 53,764 restricted stock units and a
stock option to purchase 84,002 shares of the Company’s common
stock. Mr. Mendel’s stock option has a per share exercise price
equal to the closing price of GenMark's common stock on the grant
date, or $9.43 per share, and will vest 25% on the first
anniversary of the grant date, with the remaining shares subject to
the option vesting in equal monthly installments over the following
three years. Mr. Mendel’s restricted stock units will vest 25% on
the first anniversary of the grant date, with the remaining shares
subject to the award vesting in equal quarterly installments over
the following three years. GenMark’s Compensation Committee granted
these awards to Mr. Mendel on May 13, 2014, as an inducement
material to Mr. Mendel's employment in accordance with NASDAQ
Listing Rule 5635(c)(4).
ABOUT GENMARK DIAGNOSTICS
GenMark Diagnostics is a leading provider of automated,
multiplex molecular diagnostic testing systems that detect and
measure DNA and RNA targets to diagnose disease and optimize
patient treatment. Utilizing GenMark's proprietary eSensor®
detection technology, GenMark's eSensor® XT-8 system is designed to
support a broad range of molecular diagnostic tests with a compact,
easy-to-use workstation and self-contained, disposable test
cartridges. GenMark currently markets four tests that are FDA
cleared for IVD use: Cystic Fibrosis Genotyping Test, Respiratory
Viral Panel, Thrombophilia Risk Test, and Warfarin Sensitivity
Test. A number of other tests, including HCV Genotyping, 2C19
Genotyping, and 3A4/3A5 Genotyping are available for research use
only. For more information, visit www.genmarkdx.com.
SAFE HARBOR STATEMENT
This press release includes forward-looking statements regarding
events, trends and business prospects, which may affect our future
operating results and financial position. Such statements,
including, but not limited to, statements relating to management
transition, are all subject to risks and uncertainties that could
cause our actual results and financial position to differ
materially. Some of these risks and uncertainties include, but are
not limited to, our ability to successfully develop and
commercialize our NexGen system and its related test menu,
constraints or inefficiencies caused by unanticipated acceleration
and deceleration of customer demand, our ability to successfully
expand sales of our product offerings outside the United States,
and third-party payor reimbursement to our customers, as well as
other risks and uncertainties described under the "Risk Factors" in
our public filings with the Securities and Exchange Commission. We
assume no responsibility to update or revise any forward-looking
statements to reflect events, trends or circumstances after the
date they are made.
GenMark Diagnostics, Inc.Hany MassaranyPresident/Chief Executive
Officer760-448-4358
GenMark Diagnostics (NASDAQ:GNMK)
Historical Stock Chart
From Mar 2024 to Apr 2024
GenMark Diagnostics (NASDAQ:GNMK)
Historical Stock Chart
From Apr 2023 to Apr 2024