SiliconBeat

Aryx Therapeutics, the the Fremont biopharmaceutical whose shares were slammed last July when Procter & Gamble pulled out of a partnership in developing Aryx’s drug to treat chronic constipation and abdominal pain, filed its proxy today ahead of its May 20 annual meeting.

In February 2008 the board’s compensation committee established cash incentive payments to be paid in 2009 to its chief executive and other executive officers for performance in 2008. The committee reported that the “corporate goals established by our Board for 2008 were substantially met, as generally were the individual goals of the executive officers. However, based on the cash position of the Company and our management’s recommendation that all employees be eligible, the Board declined to award cash incentive payments or bonuses to named executive officers for performance in the year ended December 31, 2008.”

Aryx reported having $45 million in cash and short-term investments at the end of last year, down from $63 million the year before. But it won’t be able to count on further payments from Procter & Gamble going forward. And last year the company burned through $45.2 million on its operations.

The move means that CEO Paul Goddard won’t be receiving the $218,925 bonus he could have gotten, which was to be worth 50 percent of his $437,850 salary. However, Goddard did get a 3 percent raise this year making his current salary $451,000.