CARLSBAD, Calif.--(BUSINESS WIRE)--GenMark Diagnostics, Inc. (Nasdaq:GNMK) announced today that the Compensation Committee of GenMark’s Board of Directors granted an inducement award pursuant to NASDAQ Listing Rule 5635(c)(4) to Scott Mendel in connection with his employment as GenMark's Chief Financial Officer.
On May 12, 2014, GenMark announced the hiring of Mr. Mendel, with his employment beginning on May 13, 2014. In connection with GenMark’s offer of employment to Mr. Mendel and pursuant to his employment offer letter effective May 7, 2014, Mr. Mendel’s inducement award consists of 53,764 restricted stock units and a stock option to purchase 84,002 shares of the Company’s common stock. Mr. Mendel’s stock option has a per share exercise price equal to the closing price of GenMark's common stock on the grant date, or $9.43 per share, and will vest 25% on the first anniversary of the grant date, with the remaining shares subject to the option vesting in equal monthly installments over the following three years. Mr. Mendel’s restricted stock units will vest 25% on the first anniversary of the grant date, with the remaining shares subject to the award vesting in equal quarterly installments over the following three years. GenMark’s Compensation Committee granted these awards to Mr. Mendel on May 13, 2014, as an inducement material to Mr. Mendel's employment in accordance with NASDAQ Listing Rule 5635(c)(4).
ABOUT GENMARK DIAGNOSTICS
GenMark Diagnostics is a leading provider of automated, multiplex molecular diagnostic testing systems that detect and measure DNA and RNA targets to diagnose disease and optimize patient treatment. Utilizing GenMark's proprietary eSensor® detection technology, GenMark's eSensor® XT-8 system is designed to support a broad range of molecular diagnostic tests with a compact, easy-to-use workstation and self-contained, disposable test cartridges. GenMark currently markets four tests that are FDA cleared for IVD use: Cystic Fibrosis Genotyping Test, Respiratory Viral Panel, Thrombophilia Risk Test, and Warfarin Sensitivity Test. A number of other tests, including HCV Genotyping, 2C19 Genotyping, and 3A4/3A5 Genotyping are available for research use only. For more information, visit www.genmarkdx.com.
SAFE HARBOR STATEMENT
This press release includes forward-looking statements regarding events, trends and business prospects, which may affect our future operating results and financial position. Such statements, including, but not limited to, statements relating to management transition, are all subject to risks and uncertainties that could cause our actual results and financial position to differ materially. Some of these risks and uncertainties include, but are not limited to, our ability to successfully develop and commercialize our NexGen system and its related test menu, constraints or inefficiencies caused by unanticipated acceleration and deceleration of customer demand, our ability to successfully expand sales of our product offerings outside the United States, and third-party payor reimbursement to our customers, as well as other risks and uncertainties described under the "Risk Factors" in our public filings with the Securities and Exchange Commission. We assume no responsibility to update or revise any forward-looking statements to reflect events, trends or circumstances after the date they are made.
