Arovella Therapeutics Ltd. (ALA.AX) on Monday announced the resignation of its Chief Executive Officer Michael Baker, following a shareholder notice seeking the removal of two directors. Further, David Williams has been appointed as Chairman of the Board.
The biotechnology company, which is developing invariant Natural Killer T or iNKT cell therapy platform, said it received a notice under section 249D of the Corporations Act 2001 from a requisitioning shareholder to remove Baker and Mike Perry as Directors.
In response, CEO and Managing Director Baker has resigned providing three months' notice. Further, Perry as well as Andrew Nash and Debora Barton have resigned as directors with immediate effect.
The Company's Board now comprises of David Williams, Mark Diamond, and Michael Thurn.
Arovella added that its Board plans a review of its technology platform, development strategy and growth opportunities.
On the ASX, shares of Arovella Therapeutics were losing 8.97 percent, trading at A$0.0710.
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