Well, they sure are handing out the cash they got from Trimeris.
Has this management team done anything to increase shareholder value?
Synageva BioPharma Corp., which recently completed a reverse merger with Trimeris Inc. (Nasdaq: TRMS), has handed CEO Sanj Patel an annual base salary of $485,000 and an annual cash bonus with a target level of up to 60 percent with a minimum payout of 25 percent.
The Lexington-based drug developer said it also may grant Patel shares, as it announced compensation packages for four other top executives.
CFO Carsten Boess will receive a salary of $310,000 per year and Eric Grinstead, senior vice president for commercial operations, will get $281,004 per year. Both will be eligible for a cash bonus of up to 35 percent.
Chief Medical Officer Anthony Quinn will receive $351,390 per year and Mark Goldberg, senior vice president for product development, will get an annual salary of $320,000. Both will be eligible for a cash bonus of up to 40 percent.
Someone seems to like the drugs they are developing based on the stock's recent performance. The story is a reasonable one - they are a mini Biomarin (or a micro Genzyme). But data is pretty limited and their lead drug isn't far advanced in the clinic, so I don't take the stock movement too seriously. Also odd that they chose to do a reverse merger to go public - sure they get the Trimeris royalties, but those are declining pretty rapidly - often that's not a good sign.