Arovella Therapeutics (ASX:ALA) has updated investors, advising that a requisitioning shareholder had served a notice under the Corporations Act seeking the removal of two directors and that the company would undergo a significant board refresh.
The company said that, following receipt of the notice, Dr Michael Baker has resigned as Chief Executive Officer and Managing Director, providing three months' notice. Dr Andrew Nash, Dr Debora Barton, and Dr Mike Perry also resigned as directors with immediate effect.
The board accepted the resignations and announced it now comprises David Williams, Mark Diamond, and Dr Michael Thurn, with Mr David Williams appointed Chair.
The new board said it will conduct a comprehensive review of the company's technology platform development strategy and growth opportunities and described its outlook as optimistic.
Mr Williams said, “The refreshed Board is focused on ensuring Arovella is well-positioned for its next phase of development. We will move quickly to review the Company’s technology platform strategic priorities and growth opportunities with the objective of creating long-term value for shareholders. The new Board has a fresh set of eyes and plenty of ideas for growth and business development.”
Arovella is developing an invariant Natural Killer T cell therapy platform based on work from Imperial College London. Its lead candidate, ALA 101, is a CAR19 iNKT cell product with an IND accepted by the US Food and Drug Administration, and it has programs targeting solid tumours, including CLDN18.2 and IL-12 TM technologies.