Noxopharm (ASX:NOX) has announced the resignation of founder Dr Graham Kelly as a non-executive director in a move it describes as a natural evolution.
Chairman Fred Bart said, “As founder, Dr Kelly has been instrumental in the growth of the company, and we would like to thank him for his significant contributions over the years in both his CEO and Board roles. Having passed on the reins to Dr Gisela Mautner, Dr Kelly’s decision is a natural evolution of our development, and we wish him all the best for his future endeavours.”
Dr Kelly said, “Drug development is a business of two parts. The first part is the scientific, creative, entrepreneurial phase, involving new ideas and putting together the infrastructure to bring them into the clinic.
"The second part is the business side, patiently working your way through the clinic and ultimately commercialising the original ideas.
“Those two parts require different skill sets. With Noxopharm now entering the second part of its life, it was my decision to put the Company in the hands of people with different skills. In doing so, I believe that a handover needs to be complete, which is why I have decided to leave the Board.
“One of my proudest achievements is the very talented scientific team I assembled, with last week’s exciting pre-clinical pancreatic results with CRO-67 an example of what they are capable of achieving, and what I have little doubt will be the start of many more to come."
“My wife and I are the Company’s largest shareholders, and that is a position we intend to retain," added Dr Kelly.