Perth-based AusCann Group has named Nick Woolf as its new chief executive following the resignation of Ido Kanyon in May.

He will take charge immediately and vowed to continue the work of Kanyon who will step down for personal reasons at the end of August.

Nick Woolf: building on the work of Ido Kanyon

Woolf will initially join on a three-year contract.

Woolf has spent 25 years in the investment banking and life science industries, and was most recently CEO of biotech firm Proteolytics.

Previous roles include chief business officer of Suda Pharmaceuticals and chief financial officer at PYC Therapeutics.

“I am excited to be joining AusCann at this pivotal point in its development and building on the work already undertaken by Ido Kanyon in getting our first product into market and commencing our clinical research development,” Woolf said in a statement.

AusCann chairman Max Johnston said Woolf has a “proven track record” and brings commercial, finance, operations and business development expertise to the role.

He also paid tribute to Kanyon.

“During his 17-month tenure with the company he completed the move to the new purpose-built facility, launched our first product into market and commenced our clinical research programme,” Johnston said. “He leaves behind a well-qualified team to continue the work commenced during this time.”  

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