Ciphergen CEO Gail Page made a total of $878,837 in 2006, according to a document filed with the US Securities and Exchange Commission last week.
Page, who was appointed president and CEO of Ciphergen on Dec. 31, 2005, had a base salary of $350,000. In addition, she received a $140,000 management incentive bonus and a one-time $50,000 bonus, according to the filing, an amendment to the company’s annual report. The rest of her compensation consisted of $311,724 in option awards and $27,113 in other compensation, which includes an automobile lease and automobile expenses.
For 2007, her base salary is expected to rise 4 percent to $364,000.
During 2006, Ciphergen stock fell 19.8 percent. Last year, Nasdaq also threatened to delist the company because its market capitalization had fallen too low. Then, in the fall, Ciphergen sold off its Surface Enhanced Laser Desorption/Ionization technology to Bio-Rad Laboratories to concentrate on its diagnostic business.
Most recently, Ciphergen disclosed in an SEC filing that its independent auditor PriceWaterhouseCoopers gave the company a “going concern qualification” to Ciphergen’s annual report, meaning PWC has questions about the company’s ability to stay solvent [See PM 04/12/07].
The company said in the same filing that if additional funding is not found, it may have to delay development or commercialization of some of its products, or license out the right to commercialize products to third parties.
James Merryweather, Ciphergen’s former executive vice president of sales and marketing, made $478,983 in 2006, of which $245,000 was his base salary, according to this week’s SEC filing. William Sullivan, vice president of operations, made $321,122, including a base salary of $214,600, and Eric Fung, a vice president and chief scientific officer, made $329,573, including a base salary of $197,583. CFO Debra Young, hired on Nov. 2, 2006, received $49,009 with a base salary of $35,833.
Former Ciphergen CEO William Rich, who left the company in late 2005, received consulting fees of $30,000 per month through 2006 as part of his retirement package. He also received health benefits, use of a company car, and reimbursement for costs of a cell phone.
Former executive vice president Martin Verhoef, was paid $21,667 per month through 2006 as part of his severance package. For six months of the year, former senior vice president and CFO Matthew Hogan received $20,417 per month in consulting fees from Ciphergen.
Proteome Systems this week said Jenny Harry has been appointed CEO, succeeding Stephen Porges, who will retire later this month to become a non-executive director of the company.
Harry was one of the founders of Proteome Systems and has been serving as deputy CEO.
GWC Technologies last week appointed Jim Fenster director of sales. Prior to joining GWC, Fenser was senior director of business development at Gilson. Fenster has almost 20 years experience in sales, marketing and product development in the scientific instruments business, GWC said in a statement.
GWC, based in Madison, Wis., develops and manufactures label-free analysis systems for proteomics, drug discovery, genomics, protein array development, and materials science research.