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Stem Cell Therapeutics Announces Resignation of Director

Published: Thursday, January 30, 2014
Last Updated: Thursday, January 30, 2014
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Mr. David Allan has resigned from Company’s board of directors.

Stem Cell Therapeutics Corp has announced that Mr. David Allan has resigned from its board of directors.

“The mandate given to me to rebuild and re-establish Stem Cell Therapeutics as a viable company with a promising future was accomplished with the establishment of a board of exceptional recognition, the acquisition of Trillium Therapeutics in April 2013, the licensing of the clinical asset, tigecycline, from University Health Network and the coincident raising of capital to support the reconstructed company” said David Allan, the Chairman of the company.

“With that mandate complete and with management having concluded an exemplary financing of $33 million in 2013, largely as a consequence of the recognition by established US life-sciences investment funds of the prospective value of the company’s CD47-targeting asset, it is positioned to become an important contender in immuno-oncology,” he added. “I step down from the board with my mission concluded and with the highest expectations for the future of the company.”

The Board of Directors wishes to acknowledge the extraordinary work by Mr. Allan in achieving the transformation of the company over the past two years. They commented, “There are very few individuals who could have executed the vision that David Allan had when he took over the company during its most difficult of times. It now remains our responsibility to complete this vision.”

“The management team, research staff, and I personally, are grateful for the opportunity provided by the merger that David spearheaded. We are committed to achieve its full potential,” commented Stem Cell Therapeutics' President and CEO, Dr. Niclas Stiernholm.

The Company will announce a Chair replacement in the near future.

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