Viralytics rewards leadership

Company News

The Board of Sydney-based Viralytics (ASX:VLA) has resolved to reward and recognise its senior leadership by granting them options.

Viralytics is focussed on the development of immunotherapies for the treatment of cancer. Its lead compound, CAVATAK, is an investigational novel cancer immunotherapy based on a bioselected common cold virus that has been shown to preferentially infect and attack cancer cells.

In a statement, the company said its Board of Directors resolved to issue options to the Chief Scientific Officer, Dr Darren Shafren and, subject to shareholder approval at the upcoming Annual General Meeting, the Managing Director, Dr Malcolm McColl.

"In addition, the Board of Directors has approved the offer and issue of options to other members of the senior management team and the offer and issue of performance rights to a number of staff," it said.

"The Board considers that options and performance rights are essential tools in rewarding, retaining and incentivising employees of the Company, and aligning interests between shareholders, directors and executives.

"The number of options proposed to be granted to Dr McColl and Dr Shafren recognises their considerable past performance and the importance of retaining them and rewarding their work going forward.

"Their recent achievements include building relationships with key opinion leaders; advancing CAVATAK across multiple indications as a monotherapy and in combination with other new agents, and achieving strong institutional funding of the Company," the company added.

Viralytics said the options for Dr McColl (5 million) and Dr Shafren (4 million) will not be immediately exercisable and will be subject to the achievement of major corporate milestones in 2016 and 2017.