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April 2, 2014
08:19 EDTRTGN, OCLSOculus announces board restructure following Ruthigen IPO
Oculus Innovative Sciences (OCLS) announced the closing of its subsidiary, Ruthigen (RTGN), IPO on the NASDAQ Capital Market on March 26. As part of the companies' agreements, Ruthigen repaid to Oculus $1.5M, which Oculus provided to Ruthigen to fund its IPO-related expenses and certain operational activities during its start-up period. As a result of the IPO and the separation of the companies, Oculus has made a number of modifications to its corporate governance. As previously announced, the board of directors recently appointed Russ Harrison and Sharon Barbari to serve as independent directors on the board. Effective March 26, Hojabr Alimi and Richard Conley each tendered their resignation as members of the Oculus board and respective committee appointments. Concurrently, Oculus' board eliminated the chairman position. In lieu of this post, independent members of Oculus' board elected Jerry McLaughlin to serve as lead independent director of the company's board. McLaughlin has served as a member of the company's board since March 2013. The company believes the position will assist the board in carrying out its primary duties, which are to monitor and challenge company management to create long-term value on behalf of shareholders. As part of the board's commitment to adopt the best practices in corporate governance, the board has undertaken to review Oculus' corporate governance policies annually and implement modifications to the company's written charters and policies to remain current with best practices. The first of these planned governance changes occurred with the appointment of two highly qualified independent directors to the board in the last month. Additionally, replacing the chairman of the board position with a lead independent director, and the appointment of McLaughlin to that role, is intended to improve board performance by facilitating board discussions, empowering independent board members and improving board focus.
News For OCLS;RTGN From The Last 14 Days
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February 4, 2016
16:27 EDTOCLSOculus reports Q3 EPS (19c), consensus (7c)
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