PharmAust chief executive Michael Thurn quits weeks after sales target media clarification

Cheyanne EncisoThe West Australian

Tue, 23 April 2024 1:49AM

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Cheyanne Enciso

PharmAust chief executive Michael Thurn has walked away from the top job, weeks after the clinical-stage biotech retracted his comments regarding a sales target for its re-purposed veterinary drug.

In a brief statement to the market on Tuesday, PharmAust said Mr Thurn had tendered his resignation for personal reasons and given the company four months’ notice as required under his contract.

Current chief operating officer John Clark has been appointed as interim chief executive.

Investors beat a swift retreat after the announcement, with shares in the company closing down 19 per cent to 23.5¢ on Tuesday.

The news comes just three weeks after PharmAust released a media clarification regarding Mr Thurn’s comments to The West Australian containing a targeted sales figure for the drug monepantel — typically used to remove worm infestations in sheep.

Perth-based PharmAust is re-purposing the drug to treat patients with motor neurone disease and ALS.

“Based on the numbers of patients out there with MND, this drug could be a blockbuster,” Mr Thurn told The West at the time. “It could . . . make more than $1 billion.”

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In a statement to the Australian Securities Exchange following the article’s publication, PharmAust told investors not to rely on the revenue target mentioned as a basis for an investment decision in the company.

“To the extent that the quote could be considered a financial forecast, PharmAust retracts the statement as it does not have a reasonable basis for the targeted sales figure at this stage,” PharmAust said in the statement on April 2.

PharmAust on Monday said Mr Thurn had played an important role in many of the company’s activities, including the successful completion of the phase 1 study for monepantel and preparations for a phase 2/3 clinical study in human patients with MND/ALS.

“We thank Michael for his efforts for us and wish him well in his future endeavours,” PharmAust chair Roger Aston said.

Dr Aston said Mr Clark would work with the team at “this exciting time” as the company pursues clinical and commercial objectives. This includes the development and commercialisation of monepantel for MND/ALS treatment.