Acucela Inc. Announces Management Changes
May 2 15
Acucela Inc. announced that shareholders have elected four new members to the Company’s Board of Directors at special meeting of the company’s shareholders. At the Special Meeting, the Company’s shareholders approved the two shareholder proposals that removed all of the members of the Board, except for Dr. Ryo Kubota, and elected the following new Board members: Yoshitaka Kitao, Dr. Shiro Mita, Eisaku Nakamura and Robert Takeuchi. Later in the day, at the initial meeting of the new Board, Company founder and former Chief Executive Officer Dr. Ryo Kubota was appointed as Company President and Chief Executive Officer, replacing Brian O’Callaghan. In addition to the appointment of Dr. Kubota as Company CEO, the Board also appointed a new Acucela executive management team with a combined eight decades of experience in executive leadership, health care management, life science administration and technology. Steve Tarr, who has 23 years of experience as a technology and health care executive and most recently served as an Executive Vice President at Emeritus Senior Living, is Acucela’s new Chief Operating Officer; John Gebhart, who most recently served as Chief Financial Officer of Qliance is Acucela’s new CFO; and Ted Danse, who most recently served as President of Replenish is Acucela’s new Chief Business Officer. Yoshitaka Kitao is the Chief Executive Officer of SBI Holdings. Shiro Mita is the President and Chief Executive Officer of M’s Science Corp. Eisaku Nakamura served as Director and General Manager of Osaka-based Bio-Sight Capital Co. Ltd. from 2006-2010. Mr. Takeuchi brings significant capital markets and investment advisory experience. He is President of RT Consulting Inc. a position he has held since 2004.
Acucela Inc. Announces Management Changes; Announces Non-Consolidated Earnings Results for the Year Ended December 31, 2014; Provides Earnings Guidance for the Full Year Ending December 31, 2015
Mar 26 15
Acucela Inc. announced that on March 24, 2015, Dewey h. Blocker, Jr. was appointed as the company’s vice president of finance, secretary and treasurer and will serve as interim principal accounting officer and interim principal financial officer, effective march 24, 2015, under the terms of a letter agreement. Mr. blocker will oversee all finance operations until a new chief financial officer is appointed. Brian O'Callaghan will no longer serve as interim chief financial officer, secretary, and treasurer of the company effective march 24, 2015. Mr. O'Callaghan will continue to serve as the company’s chief executive officer and president. Mr. Blocker joined the company in 2008 as Director of Finance and in 2010 was promoted to Senior Director of Finance.
The company announced non-consolidated earnings results for the year ended December 31, 2014. For the year, the company reported revenues from collaborations of USD 35,396,000 compared to USD 52,947,000 a year ago. Loss from operations was USD 188,000 compared to income from operations of USD 6,994,000 a year ago. Income before income tax was USD 353,000 compared to USD 7,182,000 a year ago. Net loss attributable to common shareholders was USD 2,006,000 or USD 0.06 per basic and diluted share compared to net income attributable to common shareholders of USD 1,161,000 or USD 0.09 per diluted share a year ago. Net cash provided by operating activities was USD 8,844,000 compared to USD 7,246,000 a year ago. Additions to property and equipment were USD 131,000 compared to USD 500,000 a year ago.
For the full year ending December 31, 2015, the company expects revenues from collaborations in the range of USD 33,200,000 to USD 35,700,000, loss from operations in the range of USD 9,575,000 to USD 12,000,000, loss before income tax in the range of USD 9,225,000 to USD 11,575,000 and net loss in the range of USD 9,350,000 to USD 11,650,000 or net loss per share in the range of USD 0.26 to USD 0.33.
Acucela Inc., Special/Extraordinary Shareholders Meeting, Apr 28, 2015
Mar 4 15
Acucela Inc., Special/Extraordinary Shareholders Meeting, Apr 28, 2015.