Avexa appoints new chairman

HIV drug company Avexa has appointed industry veteran Joe Baini as its new chairman after shareholders voted on Tuesday to remove his predecessor Nathan Drona and virtually the company’s entire board.

In a statement issued to the ASX yesterday Baini said that he would undertake a careful review of Avexa’s program for the development of HIV drug apcicitabine (ATC), the shelving of which triggered a revolt against the previous management.

“The board will initiate an independent review of all company programs, including the ATC program, and give full consideration to the range of strategic options, available to the company,” Baini said.

“This will include engaging in discussion with regulatory authorities on the future potential for ATC.”

The former management team decided to discontinue Avexa’s ATC program citing low levels of interest amongst major pharmaceutical companies, as well as a number of clinical and commercial uncertainties. An anonymous group calling themselves ‘Shareholders that invested in Avexa for ATC’ petitioned shareholders to reject the decision by removing Drona and the board.

A former non-executive director of Avexa, Baini has over 20 years experience with HIV in the pharmaceutical industry, and was most recently the managing director of biotechnology company Gilead Australia.

Earlier in the week Avexa announced the appointment of Steven Crowley and Bruce Hewett as directors. Between them the two men have over 55 years experience in the biotech and pharmaceutical industries.

Non-executive director David Bottomley has resigned from the company effective from Thursday.

Melbourne biotech Caldaza, which owns 16.06 percent of Avexa, has made a request for board representation which is currently under review.