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The company (NASDAQ: NLTX) named 32-year-old Joshuz Kazam, currently a Nile director and co-founder of investor Two as presidentand CEO. He will continue to serv as a director and will not receiveadditional pay. Nile is developing heart failure dosing its first patient last year ina mid-stage clinicall trial. Since its inception in it has lostabout $28 million. The company had cash of $3.6 millioj as of March 31, enough to continue operations througbh thethird quarter, it said in a Securities and Exchanges Commission filing last month. It laid off administrativs and development employeesin May, including Jennifer Hodge, its vice president of development.
Nile will pay Strumph, who joinecd Nile from in May 2007, a lump sum of $230,000. It also will allowe him to continue inthe company’s healtyh and dental plans for six months. Strumph could receive an additional $100,000 if Nile completesx a deal within 24 months that resultsd in a changein control. Vestinhg of his 329,857 remaining stock options will acceleratw and vested stock options will remain exercisable for five years aftereJune 10, when the company said his employment agreement was Strumph has the right to buy 989,572 shares of Nile common stocm through “employment options” and another 242,482 shares from a “performancs option.
” Those are exercisable at $2.71 per He also holds a vesterd stock option, granted in January, to buy 149,148 shares at an exercisw price of 88 cents per Nile stock closed Friday at 72 centsa per share. Its 52-week rangd is $5.34 to 25 cents.
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