In connection with the resignation, Meyers, according to documents the company filed with the Securities and Exchange Commission, has entered into a consulting agreement with the company for a term of seven months beginning May 2.
Under the consulting agreement, Meyers has agreed to assist the Tetralogic (NASDAQ: TLOG) of Malvern, Pa., with "all third party business collaborations and relationships, which may include, but are not limited to, the sale, license or partnering of company assets.
Meyers' compensation, according to the SEC filing, will be a one-time lump sum cash payment of $265,000.
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TetraLogic is promoting Pat Hutchison, the company's vice president of finance for the past two years, as CFO and treasurer effective on the date of Meyers' resignation. Hutchison previously held executive posts at two other local companies: Teleflex and Cephalon.
In February Tetralogic hired the financial advisory firm Houlihan Lokey Capital Inc. to explore "strategic alternatives." That move came after company announced the disappointing clinical trial results in January for its lead new drug candidate, which led to the elimination of 19 positions-- nearly two-thirds of its staff -- earlier this year.