AusCann Group has announced plans for new leadership in advance of its proposed acquisition of animal health company CannPal.
CannPal founder and managing director Layton Mills will lead the combined entity once the deal is complete, with AusCann CEO Nick Woolf stepping down after a transition period.
In a statement to the ASX, AusCann said the decision to appoint Mills as CEO was reached following a combined meeting of the CannPal and AusCann boards.
Woolf, who was appointed CEO in August last year following the resignation of Ido Kanyon, resigned from the role but agreed to stay with AusCann as Interim CEO until completion of the transaction, and then advise on the transition until the end of June.
AusCann chairman Max Johnston said: “Since Nick joined us in August 2020 he has been instrumental in moving forward the development of a robust pipeline with advancement of studies of the existing hard-shell capsules based on the Neuvis platform, initiating formulation work of a novel CBD-only variant and engaging an experienced US-based team to develop additional product candidates addressing unmet health needs.
“In addition to this, Nick has also taken significant steps toward making AusCann more cost effective and efficient in utilisation of its assets and operations.
“We thank him for all his efforts in taking AusCann forward during his tenure whilst also progressing the proposed acquisition of CannPal. I am pleased that Nick has agreed to provide continuity during the prospective transition and wish him well in his future endeavours.”
Woolf added: “The combination of AusCann and CannPal has clear synergies including multiple revenue streams and the leverage of data in the animal health space for the development of human medicines and vice versa. Both companies have established a strong network of alliances that should accelerate success.”