On April 27, 2021 CohBar, Inc. (NASDAQ: CWBR), a clinical stage biotechnology company developing mitochondria based therapeutics to treat chronic diseases and extend healthy lifespan, reported the appointment of Joseph J. Sarret, M.D., J.D. as Chief Executive Officer and Director, effective May 3, 2021 (Press release, CohBar, APR 27, 2021, View Source [SID1234578575]). The Board of Directors expresses appreciation for the contribution of Mr. Steven Engle during his tenure as CEO and Director of the company. In addition, Mr. David Greenwood, a current Director with 40 years of financial and operational experience in biotechnology and investment banking, has assumed the role of Chairman of the Board.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We are pleased to welcome Dr. Sarret to CohBar," stated David Greenwood, Chairman of CohBar. "We look forward to his leadership in continuing to realize our vision for CohBar’s novel platform of mitochondria based therapeutics. His expertise as a seasoned executive with a track record of success will guide CohBar in its goal to become a company with a number of pipeline products in the clinic and on the market."
"I look forward to leading CohBar as we continue to advance its pipeline of novel analogs derived from natural sequences encoded in the mitochondrial genome," said Dr. Joseph Sarret. "This is an exciting time to join CohBar with many potential milestones on the horizon. I am delighted to work with the team and Board of Directors to translate this groundbreaking science into novel therapeutics and realize the value of CohBar’s pioneering platform."
Most recently, Dr. Sarret served as Chief Business Officer at Corium International, a commercial-stage biopharmaceutical company leading the development of new transdermal healthcare products, until its merger with Gurnet Point Capital. He previously served as Senior Vice President, Strategic Accounts at Solazyme, Inc., a company focused on developing renewable natural based products, and as Chief Executive Officer and a member of the Board of Directors of Sevident, Inc., a start-up biotechnology company developing medical diagnostics and life science research products.
Prior to joining Sevident, Dr. Sarret held multiple positions at Codexis, Inc., a publicly traded international industrial biotechnology company, including Senior Vice President and Chief Business Officer, and President, Pharmaceutical Services and Enzyme Products. At Codexis, he was responsible for numerous strategic partnerships in the pharmaceutical and bioindustrial sectors, including acquisitions and licensing transactions. In addition, Dr. Sarret had P&L responsibility for the company’s global pharmaceutical ingredient manufacturing business unit. Previously, he practiced corporate and transactional law at Latham & Watkins LLP. Dr. Sarret also served as Attending Physician and Acting Medical Director for the HIV Clinic at the University of California, San Francisco Medical Center. Dr. Sarret holds a B.A. in Human Biology from Stanford University, an M.D. from the University of California, San Francisco School of Medicine and a J.D. from Stanford Law School, and is a member of the Phi Beta Kappa, Alpha Omega Alpha and Order of the Coif honor societies.
In connection with his appointment as Chief Executive Officer, CohBar announced it has granted Dr. Sarret equity awards that were approved by the Compensation Committee of its Board of Directors, with a grant date of May 3, 2021, as a material inducement to employment. As further described below, a portion of the equity awards were approved in accordance with Nasdaq Listing Rule 5635(c)(4).
CohBar granted Dr. Sarret an option to purchase 2,600,000 shares of CohBar common stock. One-fourth of the shares underlying this option will vest on May 3, 2022 and thereafter 1/48th of the shares underlying the option will vest monthly, such that the shares underlying the option will be fully vested on May 3, 2025, subject to Dr. Sarret’s continued employment with CohBar on such vesting dates (the "Time Based Grant"). Of the shares subject to the Time Based Grant, shares with a fair market value of $100,000 based on the closing price of CohBar’s common stock on the effective date of the Time Based Grant will be issued pursuant to CohBar’s Amended and Restated 2011 Equity Incentive Plan, and the balance of the shares subject to the Time Based Grant will be granted pursuant to the inducement grant.
CohBar also granted Dr. Sarret as an additional inducement grant an option to purchase 1,300,000 shares of CohBar common stock, with a grant date of May 3, 2021, which will vest over a two-year period, subject to Dr. Sarret’s continued employment with CohBar on such vesting dates and the achievement of certain performance metrics that will be determined by the Board no later than June 30, 2021.
Each of the options will have an exercise price equal to the closing price of CohBar’s common stock on May 3, 2021.