San Diego-based Biosite Inc. (Nasdaq: BSTE, News) announced Friday that it has increased the share reserve for its 2002 Nonqualified Stock Incentive Plan by 400,000 shares. The company also modified the plan to allow for the grant of inducement stock awards to officers in accordance with applicable Nasdaq rules.
Biosite also reported that in accordance with NASDAQ Marketplace Rule 4350, 98 non-officer employees were granted inducement stock options covering an aggregate of 75,900 shares of common stock. In addition, the company's compensation committee also approved the grant of inducement stock options to two newly hired officers.
Robert Anacone was named senior vice president worldwide marketing and sales. Winton Gibbons was named senior vice president market strategy, subject to their commencement of employment. Anacone and Gibbons were each granted inducement stock options covering 50,000 shares of common stock. The two positions will report to Tom Watlington, Biosite's executive vice president and chief operating officer.
The options will be granted pursuant to NASDAQ Marketplace Rule 4350 (i)(1)(A)(iv) with the following terms: each option will be classified as a non-qualified stock option, have an exercise price equal to the fair market value on the grant date, have a ten-year term, and vests in 16 equal quarterly installments over four years (on each quarterly anniversary of the applicable vesting commencement date).
Anacone has more than thirty years of healthcare experience in the pharmaceutical, diagnostics and life science industries. Most recently, he was chairman, president and chief executive officer of MediSpectra. In his new role, Anacone will coordinate and manage worldwide marketing and sales operations for Biosite.
Gibbons previously served as a sell-side analyst and principal at William Blair & Company, where he built the firm's biotech, pharmaceutical, life sciences and diagnostic research franchise and expertise. He covered Biosite as a research analyst while at Blair and therefore has considerable knowledge of Biosite's business.
The strategic and global product marketing group Gibbons will lead is charged with developing and preparing the market for novel medical diagnostic tests from Biosite's Discovery program. After the products are launched, the strategic and new product marketing group will continue to work with research and development and corporate development to plan for product improvements and new generations of products.
BSTE shares were up 84 cents, or 1.38 percent, to $61.84 in midday trading.