RESEARCH TRIANGLE PARK — The chief executive officer of G1 Therapeutics Inc. saw a 44.7 percent decline in compensation in 2017, according to a filing with the Securities and Exchange Commission.
Mark Velleca received $738,217 in total compensation in 2017, down from $1.33 million in total compensation in 2016.
Velleca’s base salary rose to $467,617 in 2017 from $405,000 in 2016. And his bonus rose to $262,500 from $133,65o in 2016.
However, he received no option awards in 2017 after receiving $788,196 in option awards in 2016.
Velleca joined G1 Therapeutics as chief executive officer in 2014. Previously, he was at CGI Pharmaceuticals, where he guided the company from its inception through its establishment as a drug discovery company that brought multiple drug candidates into clinical trials.
After Gilead Sciences acquired CGI, Velleca served as a senior advisor to Gilead in research and development strategy and corporate development.
Buck Phillips, who joined the company in November 2017 as chief financial officer and senior vice president, received $3.3 million in total compensation during the year — $50,455 in salary and nearly $3.3 million in option awards.
G1 Therapeutics, which is developing cancer drugs, raised $105 million in an initial public offering last year. It reported a net loss of $60.1 million in 2017 after reporting a net loss of $30.3 million in 2016.
The company’s annual meeting will be held June 7 at 8 a.m. at the North Carolina Biotech Center, 15 T.W. Alexander Drive, in Research Triangle Park.
G1 Therapeutics stock rose 53 cents to $38.93 on Friday.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
