Acorda Therapeutics CEO receives $1.41M in compensation
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- May
- 9
The president and chief executive at Acorda Therapeutics Inc., a Hawthorne company that markets a drug to help victims of multiple sclerosis and spinal-column injuries with their muscle control, paid its president and chief executive $1.41 million, including stock and option awards, last year, the company reported.
Acorda said Dr. Ron Cohen made a salary of $370,000 and a bonus of $225,000. He gets the bonus this year, the company said. He also got stock valued at $634,254 and options valued at $181,968, the company said in a proxy filed with the U.S. Securities and Exchange Commission.
Cohen, who founded the company in 1995, made the compensation in a year in which investors flocked to the company. The company’s stock closed the year at $15.84 a share, a 164 percent rise from its initial offering price of $6 last February.
Under new SEC rules, companies do not have to disclose in their annual proxy statements how much their executives made two years ago or earlier. But the company said in filings last year that Cohen made annual salaries of $305,000 in 2005 and 2004. He also qualified in 2005 for a bonus of $120,000 that the company said would be paid in 2006.
Acorda, which had net sales of $27.4 million last year but reported a loss of $24 million. The company markets Zanaflex, the drug that helps patients with multiple sclerosis and spinal-column injuries manage spasticity.
The company is seeking to develop Fampridine-SR, a drug that could help multiple sclerosis patients walk.
posted by Bill at 9:52 PM
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