Tiny Firm, Big Salary
Larry O. Bymaster, recently hired to run Techniclone Corp., is earning a tidy salary of $250,000 a year. The tiny, struggling Tustin company, which is developing experimental treatments for cancer, also handed him some handsome incentives. According to the company’s proxy statement, Bymaster can earn a bonus up to 100% of his salary if he meets certain performance targets. He also received a four-year option to purchase 1.25 million shares of the company’s common stock at a price of $1.41. On Friday, Techniclone stock closed at $1.28, up 16 cents.
Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at barbara.marsh@latimes.com.
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