MNTA – In other words, progress on the M356 (Copaxone) program exceeded the company’s internal expectations and was awarded the highest possible task-related score (130%) under in the stated compensation formula. If this does not imply an M356 ANDA filing during 2008, then there must something wrong with the scoring system.
The corporate goals for 2008 were: timing of addressing the immunogenicity questions raised by the U.S. Food and Drug Administration, or FDA, related to M-Enoxaparin and ongoing review and approval of the M-Enoxaparin Abbreviated New Drug Application, or ANDA, (15% and 10%, respectively); advancing our M356, glycoprotein and research programs (15%, 10% and 5%, respectively); commencement of Phase 2b clinical studies for M118 (10%); advancement of our corporate strategy plan (25%); and achievement of financial discipline goals (10%). In assessing the achievement of these goals, the compensation committee considered the recommendations of our CEO, who, with input from the executive officers, assessed our performance against corporate goals for 2008 and made his recommendations to the committee. The compensation committee then reviewed and discussed these recommendations, taking into account mitigating and/or extraordinary circumstances. In early December 2008, the committee made an initial determination of the achievement of the goals at 56% and, in its discretion, awarded an additional 19% to the achievement level of corporate goals related to significant achievements during the year which were not set forth in the original 2008 corporate goals. These achievements included the considerable effort applied in responding to the FDA's questions regarding M-Enoxaparin immunogenicity, the Company's assistance with the contamination issues that occurred in the global heparin market and the receipt of for first-to-file status for the M356 ANDA. The compensation committee subsequently adjusted its initial assessment of the achievement of the corporate goals in light of completion of our financing on December 16, 2008, which had it occurred prior to the initial assessment would have substantially achieved our "advancement of corporate strategy plan" corporate goal. As a result, on December 22, 2008 the compensation committee concluded that a total achievement level of 81% of the 2008 Corporate Goals had been achieved by the company, including the additional achievements and completion of the financing, as follows:
Corporate Goal Percentage Value(%) Actual Level of Achievement(%)
Timing of Addressing FDA Immunogenicity Questions 15 70
Ongoing Review and Approval of M-Enoxaparin ANDA 10 70
Advancement of our M356 Program 15 100
Advancement of our Glycoprotein Program 10 100
Advancement of our Research Programs 5 70
Commencement of Phase 2b Clinical Studies for M118 10 —
Advancement of Corporate Strategy Plan 25 —
Financial Discipline Goals 10 100
Additional Achievements and Completion of Financing 25 100
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