SiliconBeat

Facet Biotech of Redwood City notified the SEC Tuesday that one of its shareholders, Roderick Wong, who controls some 124,828 shares, plans to offer five of his own nominees to be elected to the company’s board of directors, including himself.

The company said that its board and management, “are committed to building stockholder value and are open to all stockholder input.”

Facet is a biotechnology company seeking to identify and develop new oncology drugs. It launched in December 2008 as a spin-off from PDL BioPharma, which relocated its operations to Incline Village in Nevada, where it raises revenues based on royalty revenues from product sales of Avastin, Herceptin and Lucentis, which are marketed by Genentech and sales of Tysabri, which is marketed by Elan.

Under pressure from shareholders, PDL Biopharma distributed a special cash dividend of $4.25 a share in May 2008, along with shares of the new venture.