Heron Therapeutics announces cooperation agreement with Rubric and Velan

Heron Therapeutics announced that it has entered into a cooperation agreement with two of its shareholders, Rubric Capital Management and Velan Capital Investment Management. As part of the agreement, Heron has agreed to appoint Craig Collard, former President & CEO at Veloxis Pharmaceuticals, and Adam Morgan, Chief Investment Officer at Velan, to the Company’s Board of Directors. Additionally, as a result of Heron’s ongoing refreshment process, the Company will appoint Kevin Kotler, Founder and Portfolio Manager of Broadfin Capital, to the Board. Current directors Stephen Davis and Kimberly Manhard will be leaving the Board. With these changes, the Heron Board will expand to eight directors, seven of whom are independent, and all of whom will stand for election to the Board at the upcoming 2023 Annual Meeting. Heron also announced it will separate the roles of Chairman and CEO after the conclusion of its 2023 Annual Meeting. Under the terms of the cooperation agreement, Rubric and Velan have agreed to customary standstill, voting commitments and other provisions. A copy of the cooperation agreement will be included in a Form 8-K filed with the U.S. Securities and Exchange Commission.