BioMelbourne Network
Progressing BioIndustry
Latest News
New Chairman elected to Avexa Board
AVEXA has gained 15% this morning after its new board elected former director Joe Baini as its new chairman and began preparing for an independent review of HIV drug apricitabine and discussions with regulatory authorities over ATC’s future potential.
Baini retired from the board in May, a departure then-chairman Nathan Drona said was due to an “an inability to commit the required time to support the efforts of the board”.
The new chairman served on the board during its decision to close the ATC program in the second week of May and was also a board member when it received a notice from an unnamed shareholder group requesting a meeting to oust two board members and appoint two others.
Baini’s return as chairman yesterday took place after Avexa shareholders voted in two new non-executives, Bruce Hewett and Steven Crowley, both experienced professionals with indirect interests in the company.
On Tuesday, shareholders also ousted Nathan Drona and Uri Ratner, a former portfolio manager for Avexa’s former substantial shareholder Passport Capital.
After Baini’s appointment yesterday, the only director not voted off the board earlier this week – Ryder Capital founder David Bottomley – resigned with no shareholding.
Yesterday Baini said the new board’s first priority was to produce a credible plan for the management of Avexa’s programs and assets.
This is an extract from the story published by Biotechnology News.
