Pursuant to the agreement, Avalon will withdraw its nominees for election to the board of directors. The parties have also agreed to add another mutually acceptable independent director to TomoTherapy’s board. With these two additions, the TomoTherapy board would be expanded to 11 members.
Mr McCloskey will serve on the Board’s nominating and governance committee. In addition, TomoTherapy and Avalon will identify and evaluate potential independent candidates for nomination to the TomoTherapy board.
Fred Robertson, CEO of TomoTherapy, said: “We are pleased to have reached an agreement with Avalon and welcome Mr McCloskey as a new director. The board and management remain confident in TomoTherapy’s technology leadership position in the radiation therapy marketplace and continue to believe in the significant long-term potential of the company.”