MYOS RENS Technology Inc. (NASDAQ: MYOS), a biotherapeutics and bionutrition company, today announced that it has entered into an employment agreement with Joseph Mannello to serve as its permanent Chief Executive Officer, effective August 24, 2017.
As part of his employment agreement, Mr. Mannello agreed to forego an annual salary (except for a legally required minimum amount) and instead received a stock option to purchase 300,000 shares of the Company's common stock at an exercise price of $4.00 per share, which option vests in eight quarterly installments.
Mr. Mannello previously served as the Company's interim CEO since September 2016, and had been a member of the Company's board of directors since December 2015. Mr. Mannello has an extensive background in the financial services industry, including serving as executive managing director at Brean Capital, and at a publicly-traded investment bank, Gleacher & Company.
"I want to thank the board of directors for its confidence in my leadership as we commence our next phase of growth and product development," said Mr. Mannello. "I am excited about our unique products, talented team members and dynamic partners."
"I'm dedicated to launching several key strategic initiatives in the coming months to enable MYOS to take advantage of the substantial market opportunities available to us, based on our ownership of Fortetropin®," Mr. Mannello added.
About MYOS RENS Technology Inc.
MYOS RENS Technology (MYOS), "The Muscle Company™", is a Cedar Knolls, NJ-based biotherapeutics and bionutrition company focused on developing products that improve muscle health and performance, and bringing them to market. MYOS is the owner of Fortetropin®, the world's first clinically demonstrated myostatin reducer. Myostatin is a natural regulatory protein, which inhibits muscle growth. Fortetropin® is a fertilized egg yolk based product manufactured via a proprietary process to retain and optimize its biological activity. Fortetropin® has been clinically shown to increase muscle size and lean body mass in conjunction with resistance training. MYOS believes Fortetropin®has the potential to redefine existing standards of physical health and wellness.