Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 30, 2021, Eloxx Pharmaceuticals, Inc. (the "Company") and Neil Belloff,
Chief Operating Officer and General Counsel of the Company, agreed that Mr.
Belloff would transition his responsibilities as Chief Operating Officer and
General Counsel prior to his departure from the Company on or prior to August
25, 2021. The Company thanks Mr. Belloff for his services to the Company and
wishes him well in his future endeavors.
Pursuant to the Agreement and General Release, dated July 2, 2021 (the
"Agreement"), Mr. Belloff is to continue to serve as the Company's Chief
Operating Officer and General Counsel until August 25, 2021 or such shorter
period as designated by the Company (the "Termination Date" and, such term, the
"Transition Period"). During the Transition Period, Mr. Belloff will be entitled
to: (i) receive his annual base salary of $448,800 (the "Base Salary"); (ii)
participate in the Company's employee benefit plans and programs, subject to the
terms and conditions of such plans and programs; (iii) continue to vest in his
equity awards; and (iv) receive a pro-rata portion of his annual bonus for
calendar year 2021 based on his performance for the year as determined in good
faith by the Company's Board of Directors, in each case, through the Termination
Date; and (v) receive the severance and other benefits as set forth in his
employment agreement with the Company dated February 25, 2020 (such severance
and other benefits, "Severance"). If Mr. Belloff gives notice of his resignation
prior to the Termination Date, he will no longer be entitled to receive the
foregoing described Base Salary, bonus, benefits or Severance.
The description of the foregoing is qualified in its entirety by the Agreement,
which is filed as Exhibit 10.1 hereto and incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
On July 6, 2021, the Company issued a press release providing an update on its
Phase 2 clinical program for ELX-02 for the treatment of cystic fibrosis. A copy
of the press release is attached hereto as Exhibit 99.1 and incorporated herein
by reference.
The information in this Item 7.01, including Exhibit 99.1, shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section, nor shall it be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act, except as
expressly set forth by specific reference in such filing.
Item 8.01. Other Events.
On July 6, 2021, the Company reported that, based on enrollment to date, the
Company expects to present data from the first four treatment arms of its Phase
2 clinical study involving ELX-02 for the treatment of cystic fibrosis in the
fourth quarter of this year, and that, as of the end of June 2021, the Company
has enrolled a sufficient number of patients to assess biological activity of
ELX-02. The Company will continue to enroll additional patients to support Phase
3 clinical trial planning.
Forward-Looking Statements
Statements in this Current Report on Form 8-K regarding management's future
expectations, beliefs, intentions, goals, strategies, plans or prospects are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including but not limited to statements regarding
the expected timing of trials and results from clinical studies of our product
candidate. Forward-looking statements may be identified by words such as
"anticipates," "believe," "continue," "expect," "intend," "may," "plan to,"
"potential," "projects," "will," and other similar words or expressions, or the
negative of these words or similar words or expressions. Such forward-looking
statements involve known and unknown risks, uncertainties and other important
factors, including, without limitation, the risks referred to under the section
"Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarterly
period ended March 31, 2021, as such factors may be updated from time to time in
the Company's other filings with the Securities and Exchange Commission ("SEC"),
which filings are accessible on the SEC's website at www.sec.gov and the
Investors page of the Company's website at https://investors.eloxxpharma.com.
All forward-looking statements speak only as of the date of this Current Report
on Form 8-K and, except as required by applicable law, the Company has no
obligation to update or revise any forward-looking statements contained herein,
whether as a result of any new information, future events, changed circumstances
or otherwise.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Agreement and General Release, dated as of July 2, 2021, by and
between Neil S. Belloff and Eloxx Pharmaceuticals, Inc.
99.1 Press Release, dated July 6, 2021.
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded
within the Inline XBRL document)
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