TALLEVAST -- A pharmaceutical company that recently announced its arrival in Manatee County has approved a six-figure severance package for its departing vice president.
Rock Creek Pharmaceuticals filed a notice with the Securities and Exchange Commission this week that the company's vice president of sales and marketing David M. Dean will no longer be with the company and will continue to receive his $295,000 annual salary for the next 18 months, plus $56,730 he accrued in vacation pay, according to the filing. Dean's departure was described as a "mutual termination" in the filing, and a company spokesman declined comment on the report.
Dean will receive cash payments for the first six months then the company has discretion to pay the remaining salary in cash or company stock shares on Dec. 31, March 31, 2015, June 30, 2015, and Sept. 30, 2015.
Dean will remain active with the company as a consultant for the next 18 months and also has to comply with confidentiality and non-compete agreements. He has been with the company since 1999, when the company was called Star Tobacco. He also served as president of Star Tobac
co since February 2010; the company changed its name to Star Scientific before its recent name change upon its move from Virginia to Florida.
Rock Creek is leasing space from the Roskamp Institute at 2040 Whitfield Ave., Suite 300, where Roskamp's chairman Michael J. Mullan serves as Rock Creek's chief executive. Roskamp is known for its Alzheimer's research while Rock Creek is seeking permission from the Food and Drug Administration to investigate and test the pharmacological uses of compound anatabine, which the company has stated could be beneficial for inflammatory diseases.
The company's former CEO Jonnie R. Williams Sr., who still serves as a consultant for the company, is expected to be called on as a witness next month in a federal trial involving former Virginia Gov. Bob McDonnell and his wife, Maureen McDonnell, on charges of accepting gifts from the drug maker in exchange for promoting the products while using state resources.
Charles Schelle, Herald business reporter, can be reached at 941-745-7095. Follow him on Twitter @ImYourChuck.