Oncolytics Biotech Inc. announced the appointment of Andrew Aromando as Chief Business Officer, a strategic move to bolster its business development efforts. Mr. Aromando previously served as Chief Operating Officer at Ambrx Biopharma, where he was instrumental in the company's $2 billion acquisition by Johnson & Johnson. In his new role, he will lead global business development and contribute to corporate, clinical, and regulatory strategies.
Jared Kelly, Oncolytics' Chief Executive Officer, stated that Mr. Aromando's experience will be invaluable in pursuing aggressive clinical and business development strategies to maximize pelareorep's value on an accelerated timeline. Mr. Aromando's track record of navigating complex transactions and partnerships makes him a key addition to the executive team.
As a material inducement, Mr. Aromando received an initial stock option grant for 750,000 shares with an exercise price of CAD$0.93, vesting over three years. He was also granted 500,000 restricted stock units, which vest upon the company entering a definitive agreement for an acquisition or exclusive license of pelareorep. These incentives align his efforts with the company's goal of delivering value to stakeholders.
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