Home' Acrux Annual Report : Acrux Annual Report 2017 Contents Number of employee share options held by key management personnel
The number of employee share options held by key management personnel at financial year end is set out in the following table:
1/07/16 Granted as
exercised Net change
Ross Dobinson 1
Michael Kotsanis 2
- 4,000,000 183,000
Tim Bateman 3
Nina Webster 4
- (235,000) 55,000
Felicia Colagrande 5
- (235,000) 90,000
Charles O'Sullivan 6
- (95,000) 90,000
- (1,165,000) 4,330,000
1. Appointed Non-Executive Chairman post appointment of the Chief Executive Officer, November 2014. Previously Executive Chairman from 1 July 2012.
2. Appointed Chief Executive Officer and Managing Director 3 November 2014.
3. Appointed Chief Financial Officer and Company Secretary 10 October 2016.
4. Appointed Commercial Director 1 July 2013. Commercial Director is employed on a part time basis.
5. Appointed Product Development and Technical Affairs Director 15 February 2015.
6. Appointed Portfolio Director 1 July 2015.
Voting and comments made at the Company's 2016 Annual General Meeting (AGM)
At the Company's most recent AGM, a resolution to adopt the prior year's Remuneration Report was put to the vote and at least 75% of 'yes'
votes were cast in favour of the adoption of that report. No comments were made by shareholders in relation to the Remuneration Report that
was adopted at the AGM.
This is the end of the audited Remuneration Report.
Formal trial proceedings concluded in July 2016 in the United States District Court for the Southern District of Indiana against 1) Perrigo
Israel Pharmaceuticals Limited (Perrigo), 2) Watson Laboratories Inc. (Actavis), 3) Amneal Pharmaceuticals LLC (Amneal), and 4) Lupin
Pharmaceuticals Inc. (Lupin) (collectively, the 'Defendants'), respectively for infringement of issued patents covering Axiron®. In each instance,
the patents are owned by Acrux DDS, a wholly owned subsidiary of Acrux Limited and exclusively licensed to Eli Lilly and Company, our
licensee for Axiron®. On 22 August 2016, the United States District Court for the Southern District of Indiana ruled the formulation and
axilla application patents granted by the United States Patent and Trademark Office for Axiron® have been invalidated and therefore would
not be infringed by the commercialisation of generic versions of Axiron® by the generic companies that have challenged these patents.
The applicator patent was ruled to be valid but this patent was not infringed by the majority of the Defendants. The decision allows FDA-
approved generic versions of Axiron® to enter the US marketplace, pending an appeal.
On 23 August 2016, in the United States, Eli Lilly and Company and Acrux announced that they would appeal the Court's decision.
In the event that the decision is overturned as a consequence of the Appeal and the Courts determine that the patents are valid and have
been infringed, the generics can be withdrawn from the market and the company marketing the branded product can seek monetary
damages from the Defendants. At the time of writing this report the Appeal proceedings are underway with the Appeal expected to
be heard in the fourth quarter of 2017.
Acrux and Eli Lilly and Company are named as Defendants in product liability lawsuits in the US which are consolidated in a federal MDL in
the US District Court for the Northern District of Illinois. A small number of lawsuits have been filed in State Courts. The cases generally allege
cardiovascular and related injuries. Medical Mutual of Ohio has filed a class action complaint against multiple manufacturers of Testosterone
products in the Northern District of Illinois, on behalf of third party payers who paid for these products. Acrux and Eli Lilly and Company
believe these lawsuits and claims are without merit and are prepared to defend against them vigorously. The conduct of the lawsuits will
not have a material impact on Acrux operating expenditure.
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