Novogen has appointed Iain Ross Acting Chief Executive following the sudden resignation of founder and former CEO, Graham Kelly.
According to a statement, Mr Kelly decided to leave the company to resume his work in non-oncology based early stage research.
"I am satisfied that I am leaving the Company in a very sound position," said Mr Kelly. "The Company is well placed now to proceed into the clinic with its 3 oncology drug candidates. It doesn't require me to steer it from here. My particular interest and skills are in early-stage drug development, and I now want to focus on that."
In a separate statement, the company announced the appointment of Mr Iain Ross to the Board and as Acting Chief Executive.
Mr Ross, who has previously served on the Board of Novogen, is currently Chairman of Premier Veterinary Group PLC (formerly Ark Therapeutics PLC), a non-executive director of Amarantus Bioscience Holdings and a non-executive director for ASX-listed companies Anatara Lifesciences, Benitec Biopharma and Tissue Therapies.
Mr Ross has extensive experience in the life sciences sector, including in a number of start-ups, turnarounds and exits as a Board member on behalf of private equity groups and banks.
"Mr Ross brings to this role an impressive track record which includes multiple financing transactions, having raised more than GBP250m, both publicly and privately, as well as extensive experience in divestments and strategic restructures and more than 20 years in cross border management as a Chairman and CEO," the company said in a statement.
"He has led and participated in five IPOs on the London and Australian Stock Exchanges and two up-listings to NASDAQ, and has direct experience of M&A transactions in Europe, the US and Pacific Rim. He is a qualified Chartered Director and Vice Chairman of the Council of Royal Holloway, London University."
Mr Ross said he was extremely pleased to be re-joining the Board of Novogen at a time when the company is making great progress on all fronts.
"The management team is extremely capable and experienced and I look forward to working again in particular with Dr Andrew Heaton, who was responsible for the discovery of the super-benzopyran technology platform, Dr Justine Stehn, who along with Professor Peter Gunning are responsible for out anti-tropomyosin assets and the Company's CSO Dr David Brown," said Mr Ross.
"Novogen has an outstanding team of scientists, a strong management group and an experienced and committed Board of Directors. My goal in the short term is to bring focus and clarity to the organisation, whilst finding the best person to lead the Company going forward. We intend to keep shareholders fully informed during this transition."
Interim Chairman, Ian Phillips, added, "I am pleased we have been able to persuade Iain to re-join the Novogen Board and that he has agreed to take on the role of Acting CEO. We have initiated a worldwide search for a permanent appointment."