Biotech company Alchemia Limited
(ASX:ACL) will part ways with CEO Dr Peter Smith by mutual agreement with the board.
Chairman Dr Mel Bridges says the company will move quickly to appoint a replacement CEO however in the interim he will be assuming an executive chairman position.
Dr Bridges paid tribute to Dr Smith’s efforts during his tenure with the company, listing several key milestones including the approval and successful US launch of Alchemia’s maiden drug Fondaparinux.
Alchemia will now work towards revising plans for its subsidiary Audeo’s oncology assets, following a failure of its US IPO late last year.
Dr Bridges says the company is in advanced planning to maximise shareholder value for the oncology division heading into 2013.
Alchemia reported a $15.1 million loss in the 2012 financial year.
