PURE Bioscience, Inc. (NASDAQ:
, the creator of the patented silver dihydrogen citrate (SDC) antimicrobial, today announced it has named Peter C. Wulff as Chief Financial Officer, effective November 5, 2012. Mr. Wulff has 25 years of financial and operating management experience, including more than 12 years as a senior-level executive in the life science industry. Most recently Mr. Wulff served as Chief Financial Officer, Vice President, Treasurer and Senior Vice President, Strategic Initiatives for Alphatec Holdings, Inc. (NASDAQ: ATEC) and its subsidiary, Alphatec Spine, Inc., a developer and manufacturer of spinal implant products.
Michael L. Krall, President and CEO of PURE Bioscience, said, “Peter has a proven ability to manage rapid growth and oversee the development of successful new products and technologies. We are confident that his expertise will be of immediate benefit across our business, including optimizing our many current opportunities and creating new growth initiatives.”
Earlier in his career Mr. Wulff served as Executive Vice President and Chief Financial Officer for Artes Medical, Inc., where he managed the company’s initial public offering and introduction of FDA-approved products. He also was Chief Financial Officer for CryoCor, Inc., a medical device company; and Chief Financial Officer and Treasurer of Natural Alternatives International, Inc., a manufacturer of nutritional products.
Mr. Wulff received both a Bachelor’s degree in Economics and Germanic Languages and a Master’s in Business Administration in Finance from Indiana University.
As an inducement material to Mr. Wulff entering into employment with PURE, PURE has agreed, subject to the approval of PURE’s Compensation Committee, to grant to Mr. Wulff an option to purchase up to 50,000 shares of its common stock with an exercise price equal to the fair market value of PURE’s common stock on the grant date of the option, which will be the date of the Compensation Committee’s approval of the option grant. The option will have a term of 10 years and will generally be forfeited if not exercised before the expiration of that term, or, if earlier, the 120th day after the termination of Mr. Wulff’s employment with us (subject to certain exceptions). The shares subject to the option will vest in four equal annual installments on each yearly anniversary of the commencement date of Mr. Wulff’s employment with PURE, in each case subject to Mr. Wulff’s continued service with PURE through such vesting date. The option will be granted outside of PURE’s 2007 Equity Incentive Plan but will be subject to terms substantially similar to those of non-qualified stock options granted under such plan. This description of the inducement option grant to Mr. Wulff is in satisfaction of the disclosure requirements set forth in NASDAQ Listing Rule 5635(c)(4).