MYOS RENS Technology Inc. has made its interim CEO permanent.
The Cedar Knolls-based company’s products focus on muscle health and performance.
Joseph Mannello has agreed to work for an option to purchase 300,000 shares of the company’s common stock at an exercise price of $4 per charge, which vests in eight quarterly installment.
Mannello has served as interim CEO since September 2016. He has been on the board of directors since December 2015.
He previously served as executive managing director at Brean Capital, and at a publicly traded investment bank, Gleacher & Co.
“I want to thank the board of directors for its confidence in my leadership as we commence our next phase of growth and product development,” Mannello said. “I am excited about our unique products, talented team members and dynamic partners.”
In the coming months, he said, he will help launch several key strategic initiatives that he says will enable MYOS to take advantage of the market opportunities available with the ownership of Fortetropin.
Forteropin is used to increase muscle size, lean body mass and strength.