PharmAust CEO's sayanora triggers stock plunge

PAA ASX News Healthcare
23 Apr 2024 12:08 (AEST)

Clinical-stage biotechnology company, PharmAust (ASX:PAA), shares have fallen as much as 24 per cent so far this morning, following the resignation of its CEO, Dr. Michael Thurn, citing personal reasons.

PharmAust’s Chief Operating Officer, John Clark, has stepped in as interim CEO.

During Dr. Thurn’s tenure, he led pivotal initiatives such as the Phase 1 MEND Study of monepantel (MPL) for treating motor neurone disease (MND/ALS). He also played a key role in preparing for a Phase 2/3 clinical study in human patients with MND/ALS.

Under his guidance, the company executed two capital raisings.

“We are delighted to appoint John to the role of interim CEO to work with the Board and PharmAust team at this exciting time, as we aggressively pursue the Company’s clinical and commercial objectives, including development and intended commercialisation of monepantel for MND/ALS treatment.” Pharmaust chairman Dr. Roger Aston said.

John Clark has over 20 years of pharmaceutical industry experience in phase 1-4 clinical trials across various therapeutic areas and regions.

Since joining PharmAust, he’s fostered relationships with key stakeholders involved in the clinical development of monepantel, a drug aimed at the treatment of cancer in dogs and neuro-degenerative disease in humans.

Dr. Michael Thurn will continue in his role for another four months until his contract concludes.

PAA last traded at 23.5 cents.

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