UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective as of January 10, 2024, Dr. Neil Campbell resigned as President and Chief Executive Officer and a member of the Board of Directors (the “Board”) of Onconetix, Inc. (the “Company”). Dr. Campbell’s resignation is not the result of any disagreement with the Company relating to the Company’s operations, policies or practices.
The Company entered into a Release of Claims with Dr. Campbell, pursuant to which Dr. Campbell will receive a one-time severance payment of $158,333 (the “Release”). The foregoing description of the Release is qualified in its entirety by reference to the full text of the Release, a copy of which is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
On January 12, 2024, the Board appointed Dr. Ralph Schiess, the Company’s Chief Science Officer, to serve as the Company’s Interim Chief Executive Officer. As Interim Chief Executive Officer, Dr. Schiess shall have general supervision and direction of the business and affairs of the Company.
The biographical information for Dr. Schiess disclosed in the Company’s Current Report on Form 8-K filed with the SEC on December 21, 2023 is incorporated herein by reference.
No family relationships exist between Dr. Schiess and any other directors or executive officers of the Company. There are no transactions to which the Company is or was a participant and in which either Dr. Schiess has a material interest subject to disclosure under Item 404(a) of Regulation S-K.
Also on January 12, 2024, the Board appointed James Sapirstein, the current Non-Executive Chairman of the Board, to serve as Lead Independent Director pending the Board’s appointment of a permanent chief executive officer. Mr. Sapirstein shall receive $40,000 per month as compensation for his services as Lead Independent Director.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Release, dated January 10, 2024, between the Company and Dr. Neil Campbell. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Onconetix, Inc. | ||
| Date: January 12, 2024 | By: | /s/ Bruce Harmon |
| Bruce Harmon | ||
| Chief Financial Officer | ||
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