A few comments on the new COO. I think it's interesting to see how little equity was given to the new COO.
In my experience, the following is an outline we (my partners and I) would follow for early stage ventures.
If a proven proven hired gun CEO/entrepreneur person finds a 'deal' and brings the company/deal to us (or other private equity firm/VC), and we liked it enough to fund it, usually the hired gun would get 10-15% of the equity, via vesting, milestones, earn in, over a four to five year period (including cliffs and claw-back provisions)
If we saw the need to beef up management (meaning the CEO was brilliant but not capable of running a big business, we'd bring in a proven CEO). A standard venture funded CEO level package usually includes cash bonus (500k-2M), salary (250-750k) and perhaps 5-10% of the equity (usually with a non-dilute clause). The average being closer to 5-7%, but that is all dependent on a dozen different variables. A COO/CTO would be brought in at a series B or C funding with a comp package of a salary (250k-500k) with .5-2% of the business. With that framework, CTIX could have offered 1.5M options to the CTO and still been at the minimum of a standard venture deal.
Granted CTIX is a bit different because it trades currently on the OTC but the deal Leo struck is at fare value on the salary side but very low on the equity side (good for shareholders).
The question then must be asked, "why would a COO accept the deal?" I think it points to the fact that Leo/Menon (and the new COO) feel the equity is going much, much higher and that the COO is just glad to be seated at the table.
I continue to be impressed with Leo's financial management and Menon's ability to find drugs with enormous potential. I have yet to see any real red flags that usually abound in OTC/Biotech deals and as a result continue to accumulate.
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