This excerpt taken from the PCOP 10-Q filed May 8, 2008.
11. Subsequent Events
On April 10, 2008, the Company announced that Leslie J. Browne, Ph.D., its former President, Chief Executive Officer, and member of its Board of Directors has resigned, effective April 9, 2008. The Company also announced that the Companys Chairman of its Board of Directors, Joseph A. Mollica, Ph.D. will serve as Interim President and Chief Executive Officer until a permanent successor is appointed.
In connection with a separation agreement between the Company and Dr. Browne, the Company expects to record a charge of approximately $0.9 million in the three months ending June 30, 2008.
On April 30, 2008, at the 2008 annual meeting of stockholders of the Company, the stockholders approved an amendment to the Companys Amended and Restated Certificate of Incorporation to increase the number of authorized shares of the Companys common stock from 50,000,000 to 100,000,000. Also on April 30, 2008, the Board of Directors of the Company approved an increase in the number of shares designated as Series A Junior Participating Preferred Stock of the Company from 5,000 to 10,000.