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Biotech / Medical : Ore Pharmaceuticals Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (8)	4/2/2008 6:45:45 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 50

I've never stumbled on this blog Omics! Omics! before now I think you will at long last see the Gene Logic name vanish and the jobs head for India omicsomics.blogspot.com Well maybe ORXE should have some DR work done in India or China. They only have a year or two cash left, why not? That might extend the cash 'runway' six months. That said, the latest thing filed is this--it doesn't seem like they will be subcontracting out their DR work to the Chinese if they're trying to retain employees here. ..... On March 21, 2008, the Board of Directors ("Board") of the Company, upon the recommendation of the Board's Compensation Committee (the "Board Committee"), approved the Ore Pharmaceuticals 2008 Incentive Compensation Plan. Under the Plan, the Company's executive officers (other than the Chief Financial Officer, who has an alternate retention arrangement previously reported, and the Senior Vice President and Interim Head Commercial Operations, whose employment arrangements will be separately reported) and other participating employees will be eligible to earn incentive compensation based on achievement of the relevant Company targets for 2008. A summary of the material terms of the incentive compensation plan are as follows: To be eligible to participate, each employee must be a full-time employee and commence employment by September 30, 2008 and continue to be employed by the Company through December 31, 2008. Participants commencing employment partway through the year will receive a pro-rated payment reflecting the part of the year that they were employed. Under the plan, each participant is eligible to receive a potential cash incentive compensation payment based on a pre-established target percentage of the participant's salary. To determine the actual amount payable, the percentage of salary is then adjusted based on the achievement by the Company of its targets. The plan establishes several targets and assigns to each target a percentage such that the combined percentages for all targets equal 100%. The targets and percentages are the same for all employees except business development. However, for purposes of this disclosure, the business development group does not currently include any executive officers and therefore the rest of this disclosure does not apply to the business development group. If any executive officer becomes eligible for incentive compensation as part of the business development group, additional disclosure will be provided. One of the targets permits an additional payment for over-achievement; the payment for overachievement is capped, so that the aggregate of all targets cannot exceed 105%, assuming maximum achievement (or as to one target, maximum overachievement) of all targets. For some targets, there are partial payments for achievement of part but less than 100% of a target if certain thresholds are achieved. During the first quarter of 2009, the Company will determine what percentage of each of the targets was achieved and review that with the Board Committee. Performance targets approved by the Board of Directors are based on achievement of certain drug candidate development goals, the development of new revenue-generating business relationships, and the development of new revenue and other cash resources and the Company’s cash balance at the end of the year, The Chief Executive Officer's (the "CEO") target incentive compensation, assuming 100% achievement of relevant targets, is 40% of his base salary. The Senior Vice President and General Counsel (who is the only other participating executive officer) has a target incentive compensation assuming 100% achievement of relevant targets of 30% of his base salary.