Medlab Clinical chairman Dr Sean Hall has resigned from the company’s board along with non-executive director Michael Carter.
Medlab shares were suspended from the ASX 12 months ago after the firm ran into financial difficulties following its failure to list on the NASDAQ. Directors then appointed external consultants Hall Chadwick in a bid to restructure or sell the company.
In November, it was announced that Hall would take ownership of Medlab’s drug-delivery intellectual property, acquiring 100% of the share capital of two subsidiaries – Medlab IP and Medlab Clinical US – which hold all the company’s IP.
The move would enable him to use the IP, including that of flagship platform NanoCelle, in countries where Medlab has patent protection.
That deal was approved by shareholders in December and completed in January. Hall is now MD of Medlab Group according to his LinkedIn profile.
Medlab told the ASX this morning it had made changes to its board “with a view to maximising value from a future transaction”.
It said the process “may involve engagement with current and new investors, as well as interested parties to achieve the ongoing success of the company”.
“Medlab expresses gratitude to both Sean and Michael for their time and diligent efforts in managing the company on a caretaker mode since [it] entered trading suspension,” it added.
The firm has appointed Edmond Tan and Tim Walker to the board as non-executive directors.
Tan is a financial services professional with experience in private wealth management, family office, and structured finance and was involved in the establishment of a mid-market private equity joint venture fund with a specific focus on foreign investment into Australia.
He is the Australian representative for New York-based Obsidian Global Partners, a structured financier for ASX-listed companies.
Walker is a corporate finance professional experienced in originating, managing and leading a range of resource-focused transactions specialising in mergers and acquisitions in Canada and Australia, IPOs as well as equity and debt-financing solutions.
Cannabiz has contacted Hall for comment.
