vivus inc (VVUS) Key Developments
VIVUS Inc. Announces Management Changes
Oct 5 15
On September 30, 2015, the Board of Directors of VIVUS Inc. appointed Johann Noor Mohamed, the company's Vice President and Corporate Controller, to serve as the company's interim Chief Financial Officer and interim Chief Accounting Officer, effective October 1, 2015. Mr. Noor Mohamed served as the company's Vice President and Corporate Controller from June 2015 to September 2015, as the company's Corporate Controller from January 2014 to May 2015 and as the company's Assistant Controller from October 2012 to December 2013. In addition, on September 30, 2015, the Board of Directors of the company appointed Mark K. Oki to serve as the company's Chief Financial Officer and Chief Accounting Officer effective October 19, 2015. Mr. Noor Mohamed has agreed to resign from the position of interim Chief Financial Officer and interim Chief Accounting Officer and resume his service as the company's Vice President and Corporate Controller, as of the effective date of Mr. Oki's appointment as the company's Chief Financial Officer and Chief Accounting Officer.
VIVUS Inc. Amend and Restate its Bylaws
Sep 18 15
In connection with Messrs. Roberts, Shaw and Sriskandarajah’s appointment as directors, the Board amended VIVUS Inc. amended and restated bylaws to state that the number of directors that shall constitute the Board will be determined from time to time by resolution of the Board, but in no event shall the number be less than three.
VIVUS Inc. Announces Executive Appointments
Sep 18 15
On September 15, 2015, the Board of Directors of VIVUS Inc. appointed Eric W. Roberts, Allan L. Shaw and Mayuran Sriskandarajah as directors of the company. The Board has determined that Messrs. Roberts, Shaw and Sriskandarajah are independent of the company and its management as defined by the Securities and Exchange Commission and the NASDAQ Listing Rules. There were not any arrangements or understandings between Messrs. Roberts, Shaw or Sriskandarajah and any other persons pursuant to which they were elected as directors. Since January 2012, Mr. Roberts has been a founding Managing Director of Valence Life Sciences, LLC. From 2004 to 2012, Mr. Roberts was a founding Managing Director of Caxton Advantage Venture Partners. From 1986 to 2004, Mr. Roberts served in a variety of roles as an investment banker, including as Managing Director, Partner and Founder of the Life Sciences Department at Dillon, Read & Co. Inc. and Managing Director and Co-Head of the Global Healthcare Investment Banking Group at Lehman Brothers. Mr. Roberts currently serves on the board of directors of Invuity Inc. and Chinook Pharmaceuticals. He also served on the board of directors of Gemin X Pharmaceuticals Inc. Mr. Shaw was Managing Director of Alvarez & Marsal LLC and led their biopharmaceutical consulting practice, from December 2011 to March 2015, and continues to support the firm on an adhoc basis. From 2009 to 2011, he served as the Chief Financial Officer of NewLead Holdings LTD. From 2005 to 2009, he was the founder and Senior Managing Director of Shaw Strategic Capital LLC focused on providing strategic financial counsel on a wide variety of issues such as general corporate finance, mergers and acquisitions, capital structuring, licensing and capital markets. From 2002 to 2004, Mr. Shaw was the Chief Financial Officer of Serono S.A. and from 1994 to 2001, he was the Chief Financial Officer of Viatel Inc. Mr. Shaw serves on the board of directors of Akari Therapeutics, Plc. and Edith & Carl Marks JCH of Bensonhurst. He also served on the board of directors of the Central New York Biotech Accelerator from 2009 to 2013, NewLead Holdings LTD. from 2009 to 2011, Navios Maritime Holdings Inc. from 2005 to 2010, Serono S.A. as an Executive Management Board Member from 2002 to 2004 and Viatel Inc. from 1996 to 2002. He has contributed to several corporate governance books and is a member of the American Institute of Certified Public Accountants, New York Society of Certified Public Accountants and Corporate Directors Group. Mr. Sriskandarajah is a founding partner and Managing Director of Sarissa Capital Management LP. From 2005 to 2010, Mr. Sriskandarajah served as an Investment Analyst at Icahn Capital, an entity through which Carl C. Icahn conducts his investment activities, and in 2011, he served as a consultant at Icahn Capital. Prior to Icahn Capital, he served as a consultant at Bain & Company, from 2002 to 2005. Prior to this, Mr. Sriskandarajah served as an investment banker at Wasserstein Perella & Company. Mr. Sriskandarajah has served on the board of directors of Emmaus Life Sciences Inc. He also served on the board of directors of Viskase Companies Inc.
VIVUS Inc. Announces Termination of Employment Agreement with Chief Financial Officer and Chief Accounting Officer
Aug 18 15
On August 17, 2015, VIVUS Inc. and Svai S. Sanford entered into a letter agreement, or the Letter Agreement, in connection with Mr. Sanford's voluntary termination of his employment with the Company and the Company's desire to retain Mr. Sanford during the transition period. Under the Letter Agreement, the Company and Mr. Sanford agreed that Mr. Sanford's employment as Chief Financial Officer and Chief Accounting Officer of the Company will terminate on September 30, 2015.
VIVUS Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Jul 30 15
VIVUS Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net loss of $49.35 million or $0.48 per basic and diluted share on total revenue of $23 million compared to net loss of $25.8 million or $0.25 per basic and diluted share on total revenue of $21.9 million reported in the same period last year. Loss from operations was $41.2 million against $17.5 million reported last year. Loss before income taxes was $49.3 million against $25.8 million reported last year. Net loss, excluding inventory impairment charges of $29.5 million, was $19.8 million, or $0.19 net loss per share, in the current quarter, compared to a net loss of $25.8 million, or $0.25 net loss per share, in the second quarter of 2014.
For the six months, the company reported net loss of $64.8 million or $0.62 per basic and diluted share on total revenue of $55.15 million compared to net loss of $41.4 million or $0.40 per basic and diluted share on total revenue of $58.6 million reported in the same period last year. Loss from operations was $48.0 million against $25.4 million reported last year. Loss before income taxes was $64.8 million against $41.8 million reported last year.