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TherapeuticsMD Announces Appointment of Mark Glickman as Chief Business Officer
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
TherapeuticsMD, Inc. (NASDAQ: TXMD) has appointed Mark Glickman as its new Chief Business Officer. Glickman, who has extensive experience in commercial roles at various pharmaceutical companies, will receive 660,000 restricted stock units (RSUs) and 260,000 performance stock units (PSUs) as part of his inducement package. The RSUs will vest over three years, while the PSUs are tied to revenue performance metrics. The appointment is part of the company's strategy to strengthen its leadership in women's healthcare.
Positive
Appointment of Mark Glickman brings extensive pharmaceutical experience.
Inducement grant includes 660,000 RSUs and 260,000 PSUs linked to performance metrics, potentially aligning interests with shareholders.
Negative
Potential concerns regarding continuity and experience gap related to leadership changes.
BOCA RATON, Fla.--(BUSINESS WIRE)--
TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women’s healthcare company, today announced the appointment of Mark Glickman as the Company’s Chief Business Officer.
Mr. Glickman previously served as Chief Commercial Officer of Esperion and Aralez Pharmaceuticals, and Executive Vice President, Sales and Marketing, of Auxilium Pharmaceuticals, among other global pharmaceutical roles. Mr. Glickman received his MBA in Finance and International Management from New York University and his BA from State University of New York College at Oswego.
Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
As a material inducement to Mr. Glickman’s acceptance of the appointment, TherapeuticsMD granted Mr. Glickman an award of 660,000 restricted stock units (“RSUs”) and 260,000 performance stock units (“PSUs”) corresponding to shares of common stock of the Company, outside of the Company’s 2019 Stock Incentive Plan (the “2019 Plan”). 400,000 of the RSUs will vest at the end of three years, and 260,000 of the RSUs will vest in equal annual installments over three years beginning October 15, 2022, in each case subject to Mr. Glickman’s continuous service with the Company. The PSUs will vest based on certain performance metrics related to revenue and the timing in which the Company achieves EBITDA break even, and are subject to Mr. Glickman’s continuous service with the Company. The actual number of PSUs that will vest will be between zero and two times the base number of PSUs depending on the milestones achieved. The inducement grant was approved on October 15, 2021 by a majority of the independent directors of the Company’s Board of Directors in reliance on the employment inducement exception to shareholder approval provided under NASDAQ Stock Market Listing Rule 5635(c)(4).
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The company is committed to advancing the health of women and championing awareness of their healthcare issues. To learn more about TherapeuticsMD, please visit therapeuticsmd.com or follow us on Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as "believes," "hopes," "may," "anticipates," "should," "intends," "plans," "will," "expects," "estimates," "projects," "positioned," "strategy" and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled "Risk Factors" in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefor; whether the company will be able to comply with the covenants and conditions under its term loan facility; whether the company will be able to successfully divest, or obtain an investment in, its vitaCare business and how the proceeds that may be generated by any such divestiture or investment will be utilized; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the lower dose of BIJUVA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.
