Oncolytics Biotech Inc. announced the appointment of Jared Kelly as its new Chief Executive Officer and a member of its Board of Directors. Mr. Kelly is a biotech executive with expertise in transformative deals and corporate strategy, having played a central role in orchestrating the $2 billion sale of Ambrx Biopharma to Johnson & Johnson. His appointment is expected to accelerate momentum in the company's immunotherapy programs.
Wayne Pisano, the outgoing Interim CEO and Chair of Oncolytics' Board of Directors, stated that Mr. Kelly's vision and track record are an extraordinary fit with the clinical data pelareorep has generated. The company believes Mr. Kelly's ability to prioritize clinical program development, execute successful financings, and attract large industry partners will help maximize Oncolytics' potential to deliver transformative outcomes for patients and value for investors.
As a material inducement, Mr. Kelly was awarded an initial stock option grant for 2,850,000 shares and a performance-based stock option grant for 1,900,000 shares, both with an exercise price of CAD$0.57. He also received restricted stock units entitling him to 2% of the company's outstanding common shares upon a definitive agreement for an acquisition or exclusive license of pelareorep, aligning his incentives with shareholder value creation.
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