I assume this sort of informal exchange is probably more common than is understood. But still:
Medicinal chemist (Torrey Pines)
A San Diego biotech start up is looking for a hands-on medicinal chemist to synthesize small molecule heterocyclic drug candidates. The successful candidate will have had several years or more of experience in the lab, preferably in industry, and be able to search literature to create synthetic plans and extract relevant schemes and procedures. In addition, the successful candidate will need to know how to run samples and interpret NMR and LC-MS data.
The company does not currently have funding, although we have applied for several grants and expect responses in the near future. Until the company is financed, salary will be paid in the form of company stock. (Emphasis CJ's) This is an excellent opportunity to get into a very promising start-up at the ground level.
If interested, please send me a copy of your resume, and any questions you have about the company.Good heavens. (Thanks to reader IH for spotting this gem.)
UPDATE: From the comments, proof that I have excellent and very knowledgeable readers:
Advice for jobseekers looking for startup work (particularly aimed at this position):
1) Don't be enamoured with the number of zeroes in your stock amount. Know how many shares are outstanding and calculate the percent ownership of the company. If you are in "at the ground floor" and no pay as this guy says, you should probably be looking at double digit ownership. It could be up to 50% depending on how much experience you bring and how many partners are already on board.
2) Find out what kind of stock you have. There are different types of stock and stock options. Make sure you get founders stock in this case. The differences are in payout order. When investors come in and you have regular employee stock options, you don't get paid until everyone who put money in gets their original investment. Founders stock puts you somewhere at the front of the line.
3) Make sure your "strike price" is almost zero. The strike price is what you pay for options. Some places will make you pay that up front, some will subtract the original strike price from your future earnings. Figure out what your plan is.
4) Make sure you negotiate your eventual salary and put everything in writing. If this is a good potential company, make sure you decouple the stock from your eventual salary. Based on the statistic that most startups fail within a few years, cash in hand is always worth more than the promise of future stock.Thank you, Anon051020120900 -- I am honored that you're reading my blog.