Home

Alfacell CEO Kuslima Shogen to retire by March 31 next year

By Associated Press
April 28, 2008 | Comments (0)

Recs

1

Alfacell Corp.'s chief executive and founder, Kuslima Shogen, plans to retire by March 31 of next year, the biopharmaceutical company said Monday.

The retirement is part of a deal the company said could reduce royalty payments to Shogen by $20 million over the next 10 years. Shogen, 63, would be entitled to those payments if the company's lead drug candidate, Onconase, is approved by the Food and Drug Administration.

Onconase is a proposed treatment for malignant mesothelioma.

Under an agreement, Shogen is still entitled to receive her salary for two years after her retirement, plus a bonus and stock options in Onconase is approved. The company also agreed to additional payments if annual sales of Onconase exceed $100 million.

Additionally, Alfacell said Lawrence A. Kenyon has been named president of the company. Kenyon, 43, joined Alfacell in January 2007 as chief financial officer, and was promoted to chief operating officer in November.

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

DocumentId: 631341, ~/articles/articlehandler.aspx, 12/2/2008 6:00:45 AM,

Sign up for FREE Motley Fool site access to keep reading:

“Alfacell CEO Kuslima Shogen to retire by March 31 next year”

Signing up allows you to comment on articles and on the discussion boards.

It's completely FREE and will take only 10 seconds.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.