Kindred Biosciences (KIN +0.7%) CFO Stephen S. Galliker retires effective August 29, 2014. He will serve as a consultant for up to two more years at a rate of $5,000 per month for up to 20 hours of service per month and $250 per hour for services beyond 20 hours. In year two of the contract, the company will pay him $250 per hour of service. Services per month are not to exceed 80 hours and the maximum outlay to Mr. Galliker is capped at $200K/year.
Shares of Kindred Biosciences (NASDAQ:KIN) plummet 34% on robust volume in response to the company's disclosure that its lead product candidate, CereKin (diacerein), an interleukin-1 inhibitor for the control of pain and inflammation associated with osteoarthritis in dogs, failed to achieve its primary endpoint in a clinical trial.
The failure was due to a higher-than-expected placebo response rate and statistical variability. In the high dose (20 mg/kg) cohort, the response rate was comparable to human studies but the dropout rate was too high to achieve statistical significance.
From IPOdesktop's IPO preview: KIN is a development stage biopharmaceutical company focused on saving and improving the lives of pets ... KIN's lead product candidates are CereKin for the treatment of osteoarthritis pain and inflammation in dogs; AtoKin for the treatment of atopic dermatitis in dogs; and SentiKin for the treatment of post-operative pain in dogs."