“I am extremely pleased to join Medgenics as Chairman of the Board and to be part of a revolutionary approach addressing the $130 billion annual protein therapy market,” stated Dr. Barer.
Dr. Bauer added, “I have known Dr. Barer for some time through mutual business interactions. His joining the Board of Medgenics is a transformational event in the Company’s evolution and represents, for me, an independent validation of the potential power of the Medgenics technology. It is a privilege to work with him.”
Dr. Barer serves as a director and scientific advisor to several public and private corporations, and sits on the board of trustees for several not-for profit organizations. Dr. Barer holds numerous professional awards from organizations around the world including universities and foundations.
In connection with Dr. Barer’s appointment, the Compensation Committee of Medgenics’ Board of Directors granted Dr. Barer an inducement award consisting of stock options covering up to 900,000 shares of the Company’s common stock, $0.0001 par value per share (“Common Stock”), at a per share exercise price of $ 10.80, representing the closing price of the Common Stock on the last trading day before the grant date. 300,000 shares underlying such options vested immediately and the remaining underlying shares will vest equally on each of the first and second anniversaries of Dr. Barer’s appointment, subject to his continuous service through each vesting date. The Compensation Committee of Medgenics’ Board of Directors, which is comprised solely of independent directors, granted this award on June 30, 2012 pursuant to a stand-alone award agreement outside of Medgenics’ Stock Incentive Plan as inducements material to Dr. Barer’s acceptance of his appointment to the Board of Directors and his position as Chairman of the Board in accordance with Section 711 of the NYSE MKT Company Guide and subject to approval of NYSE MKT of an additional listing application covering the shares underlying such options. Medgenics has filed with the U.S. Securities and Exchange Commission, earlier today, a Current Report on Form 8-K regarding the appointment of Dr. Barer which includes a full description of this inducement grant.