SYDNEY, Aug. 10, 2016 /PRNewswire/ --
Key points:
- Mr Greg West appointed
permanent CEO
- Dr Cliff Holloway appointed
CBO and COO
- Mr Bryan Dulhunty appointed
CFO
- Management team strengthened to deliver on company
strategy
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ:
BNTCW) announces the appointment of Mr Greg
West as Chief Executive Officer, Dr Cliff Holloway to the combined role of Chief
Business and Operating Officer and Mr Bryan
Dulhunty as Chief Financial Officer.
Mr West was previously appointed interim CEO on 9 December 2015, and had been the Chief Financial
Officer and Company Secretary of Benitec since 2011.
Chairman of Benitec, Mr Peter
Francis, said Mr West was extremely well qualified to fill
the role and has a detailed knowledge of the business, its
challenges and opportunities. "Greg has done a terrific job helping
drive the improvement of the business in a very challenging
environment over the past six months. He has strong financial
and operational skills, deep industry experience and leadership
ability to ensure the business builds on the strong platform that
already exists. Following an extensive executive search in
the United States and Australia, we firmly believe he is exactly the
right CEO to move the company forward. We are delighted to
welcome him to his new role," said Mr Francis.
Greg has worked in the biotech sector over the last ten years.
Greg is a Chartered Accountant and has held senior finance
executive roles with financial institutions, including BT Financial
Group, Deutsche Bank AG and NZI Limited.
Dr Cliff Holloway, who will be
based in the United States, will
join the company on 24 August 2016 as
Chief Business and Operating Officer. Cliff has previously served
as CEO and Managing Director of Sienna Cancer Diagnostics Limited,
Immune System Therapeutics Limited, and Biosceptre International
Limited. He was formerly VP Business Development at ASX listed
biotechnology company Arana Therapeutics Limited, which was
acquired by Cephalon Inc (now Teva Pharmaceuticals) in 2009. Cliff
has extensive international experience in biopharmaceutical and
healthcare related technologies with a focus on commercialisation
and product development. He holds a Bachelor of Pharmacy and a PhD
in Medicinal Chemistry from the University of Nottingham, United Kingdom.
Mr Bryan Dulhunty commenced in
his new role as CFO on 1 July 2016. Bryan has 20 years'
experience in the life sciences sector, and has previously served
as Executive Chairman, Non-Executive Director, Managing Director,
CFO and Company Secretary of a number of listed and non-listed
biotech companies. Bryan holds a Bachelor of Economics from the
University of Sydney and is a Chartered
Accountant.
"Both Dr Holloway and Mr Dulhunty have strong domestic and
international sector experience and dynamic leadership
qualities. These critical new appointments signal an
important new era for the company and strengthens our core
capabilities. We are now well equipped to meet the challenges ahead
of us and position the company for growth. We are excited to
have them on board," said Mr Francis.
The strengthened executive team will draw on its combined
decades of leadership and expertise in the global biotechnology and
biopharmaceutical sector to lead Benitec forward through the
research and development of innovative gene therapy solutions, as
well as business development efforts. The company remains
committed to its articulated strategy to develop and enhance its
ddRNAi technology platform, establish co-development and
collaboration arrangements for non-pipeline projects, and to
outlicense ddRNAi to companies who are developing therapeutic
programs independently.
Mr Carl Stubbings, the previous
Chief Business Officer, left the company, effective 31 July, to
pursue other opportunities. The company wishes him well in
his new endeavours.
For further information regarding Benitec and its activities,
please contact the persons below, or visit the Benitec website at
www.benitec.com
Australia
Investor Relations
|
United States
Investor Relations
|
|
|
MarketEye
Orla
Keegan
Director
Tel: +61 (2) 8097
1201
Email:
orla.keegan@marketeye.com.au
|
M Group Strategic
Communications
Jay
Morakis
Managing
Director
Tel: +1
212.266.0190
Email:
jmorakis@MGroupSC.com
|
About Benitec Biopharma
Limited:
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW)
is a biotechnology company developing innovative therapeutics based
on its patented gene-silencing technology called ddRNAi or
'expressed RNAi'. Based in Sydney,
Australia with laboratories in Hayward, California (USA), and collaborators
and licensees around the world, the company is developing
ddRNAi-based therapeutics for chronic and life-threatening human
conditions including hepatitis B, wet age-related macular
degeneration and OPMD. Benitec has also licensed ddRNAi to other
biopharmaceutical companies for applications including HIV/AIDS,
Huntington's Disease, chronic neuropathic pain and retinitis
pigmentosa.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the
meaning of section 27A of the US Securities Act of 1933 and section
21E of the US Securities Exchange Act of 1934. Any forward-looking
statements that may be in the press release are subject to risks
and uncertainties relating to the difficulties in Benitec's plans
to develop and commercialize its product candidates, the timing of
the initiation and completion of preclinical and clinical trials,
the timing of patient enrolment and dosing in clinical trials, the
timing of expected regulatory filings, the clinical utility and
potential attributes and benefits of ddRNAi and Benitec's product
candidates, potential future out-licenses and collaborations, the
intellectual property position and the ability to procure
additional sources of financing. Accordingly, you should not rely
on those forward-looking statements as a prediction of actual
future results.
SUMMARY OF KEY TERMS OF THE EXECUTIVE EMPLOYMENT
AGREEMENT
between Benitec
Biopharma Limited and Mr Greg
West
Position, appointment date and term
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ:
BNTCW) has today appointed Mr Greg
West as Chief Executive Officer. The term of his employment
will continue until terminated in accordance with the
Agreement.
Remuneration
(a) Base salary: A$400,000 per annum, plus statutory
superannuation contributions of $19,616.
(b) Performance bonus: Each year Mr West may receive
a performance bonus valued at up to 50% of his Base Salary (given
at the discretion of the Board, and measured against the key
performance indicators in place for the relevant year).
(c) Subject to any necessary approvals, Mr
West will be entitled to participate in the Benitec Directors' and
Officers' Option Plan 2015 in accordance with the rules of the
scheme, corporate laws and relevant listing/stock exchange
rules.
Under the Benitec Directors' and Officers' Option Plan 2015, Mr
West will be granted options over 2.2 million shares which will
vest in tranches over 3 years. The exercise price is calculated by
adding a 50% premium to the 30 day Volume Weighted Average Price
(VWAP) to the close of business on 10 August
2016. The options will expire five years from the date of
granting.
(d) The Company will review Mr West's performance
periodically and may, following a review, elect at its discretion
to increase his remuneration or vary his benefits (if any).
Termination
Either Benitec or Mr West may terminate the employment agreement
by providing 6 months' written notice.
Benitec may elect for the termination to take effect earlier by
making a payment in lieu of notice or may direct Mr West to take
leave in that period.
Mr West's employment may also be terminated in instances of
serious misconduct, if he fails to carry out his duties or is
incapacitated for an extended period.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/benitec-announces-restructuring-of-senior-executive-team-300311620.html
SOURCE Benitec Biopharma Limited