GlobeImmune’s CEO cuts own hours, salary to preserve capital

LOUISVILLE — GlobeImmune Inc.’s chief executive Timothy C. Rodell will work part-time beginning March 1 to help preserve capital for the struggling biopharma based in Louisville.

Rodell, whose full-time annual salary was $405,000, will cut his hours in half and will earn a salary of $202,500, according to documents filed Tuesday with the Securities and Exchange Commission.

In August, GlobeImmune. (Nasdaq: GBIM) reduced its workforce from 22 to six employees, according to documents filed with the SEC, in an effort to preserve cash after negative trial results of its hepatitis B drug candidate. The company is focused on developing products for the treatment of cancer and infectious diseases. Also in August, GlobeImmune hired Cantor Fitzgerald & Co. to assist in evaluating strategic alternatives to maximize value for GlobeImmune’s stockholders.

SPONSORED CONTENT

Business Cares: April 2024

In Colorado, 1 in 3 women, 1 in 3 men and 1 in 2 transgender individuals will experience an attempted or completed sexual assault in their lifetime. During April, we recognize Sexual Assault Awareness Month with the hopes of increasing conversations about this very important issue.

GlobeImmune raised $17.25 million through an initial public offering in July 2014, selling shares for $10 each. Its stock was trading at $1.17 per share mid-day Wednesday.

In its most recent earnings report for the third quarter of 2015 that ended Sept. 30, GlobeImmune reported net income of $900,000, compared with a loss of $6.4 million for the same period in 2014.

During the quarter, Celgene Corp. exercised its option to exclusively license GlobeImmune’s GI-6207 program for medullary thyroid cancer.

On Feb. 18, Jeffrey Bartelt of Wauwatosa, Wis., purchased 302,200 shares, or 5.2 percent of the company, according to SEC documents.