DURHAM — The chief executive officer of biotechnology company Fennec Pharmaceuticals Inc. saw his compensation more than double in 2108 due to a significant increase in company stock option awards,according to a filing with the Securities and Exchange Commission Thursday.
Serving as CEO of Fennec since 2009, Rostislav Raykov received $1,072,261 in 2018, a significant increase from his compensation of $450,079 in 2017.
This rise in total salary is marked by an increase of options awards, changing from $187,579 in 2017 to $562,261 in 2018. He currently holds 57,790 common shares of stock, with options to acquire 998,960 shares.
He also received a bonus of $160,000 in 2018.
These changes to his compensation come after the company reported in late Aprilthat Raykov received a $50,000 increase to his base salary.
Robert Andrade, chief financial officer, also saw his compensation grow last year by 132 percent. In 2018 he received $669,099, as opposed to $288,788.
Fennec Pharmaceutical focuses on finding solutions to treat chemotherapy-induced hearing loss, specifically in cases of hepatoblastoma, a cancerous tumor that begins in the liver and primarily affects children from infancy to age three.
In March 2018, the Durham-based company was granted fast track designation for its signature drug, Pedmark, by the U.S. Food and Drug Administration. This year, the company is continuing to move toward regulatory approval in the EU as well as the US.
On Thursday, Fennec’s stock was trading at $4.18, down 12 cents.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism
