Quidel gets a new President; is anyone still interested?
Conference Call may be interesting!
QUIDEL Announces New President and CEO; New Head Was Formerly CEO of Somatogen and Boehringer Mannheim
SAN DIEGO, June 11 /PRNewswire/ -- QUIDEL Corp. (Nasdaq: QDEL - news) announced today that Andre de Bruin, 51, has been elected president and chief executive officer, replacing Steven T. Frankel who resigned March 2, 1998. Mr. de Bruin will continue to serve as vice chairman of the Board of Directors, a position he assumed in June 1997.
Mr. de Bruin most recently was the chairman, president and chief executive officer of Somatogen, Inc., a publicly-held developer of therapeutics for oxygen delivery and other medical applications. Somatogen was acquired in May of this year by Baxter International, Inc. Prior to joining Somatogen in 1994, Mr. de Bruin was chairman, president and chief executive officer of Boehringer Mannheim Corporation, a U.S. subsidiary of Corange Ltd., a private global health care corporation with sales exceeding $3 billion.
Richard C.E. Morgan, chairman of QUIDEL, noted: ''We are extremely pleased to secure the experience, leadership and energy of Andre as QUIDEL moves forward in building upon the foundation which is now in place. Andre has been actively involved with the Company since joining the Board last summer, and we welcome the additional and important value he brings in assuming this full- time position.''
As a part of Mr. de Bruin's employment agreement, a grant of stock options for 1,428,420 shares was made with an exercise price equal to the June 9, 1998 closing price of $3.25. The stock option is subject to vesting over time and certain performance criteria. Upon shareholder approval, the new grant replaces a previously granted option to purchase 300,000 shares of stock. The option grant is conditioned upon shareholder approval of a new 1998 Stock Incentive Plan to be considered at the upcoming Annual Shareholders Meeting on July 28, 1998. If the Stock Incentive Plan is approved and the price of QUIDEL's common stock on the Annual Meeting Date is greater than $3.25 per share, accounting rules require that a non-cash expense be recorded and amortized over the vesting term in a total amount equal to the per share price increase times the number of optioned shares. No such expense will be recorded if the common stock price at the date of the Annual Shareholders Meeting is at or below $3.25 per share.
QUIDEL Corporation discovers, develops, manufacturers and markets rapid immunodiagnostic products for point-of-care detection of human medical conditions and illnesses. These products provide simple, accurate and cost- effective diagnoses for acute and chronic conditions in the areas of reproductive and women's health, infectious diseases, allergies and autoimmune disorders. QUIDEL's products are sold to professionals in the physician's office and clinical laboratory, and to consumers through retail drug stores. QUIDEL is based in San Diego, California.
This press release contains forward-looking statements regarding QUIDEL and its future activities. Actual results could differ materially from those described or implied in this press release as a result of a number of factors. For more information about QUIDEL, go to quidel.com.
NOTE: A conference call will be held on Friday, June 12, 1998 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time). To participate, call 800-869-6600 five minutes before the start time. The access word is QUIDEL.
SOURCE: QUIDEL Corp.
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