Avexa Ltd said a general meeting held today, requisitioned by a group of shareholders with not less than 5% of Avexa, removed Nathan Drona as a director, appointed Stephen Crowley and Bruce Hewett as directors and removed Uri Ratner who had been appointed a director on May 19.

Avexa had asked shareholders to vote against each of the resolutions at the meeting.

The board had said Mr Drona throughout his tenure made invaluable contributions to Avexa and has led the board with integrity, pragmatism and independence.

Avexa had said there was a risk that the two new proposed directors would commit the remaining cash in Avexa to the ongoing development of ATC. The board believed it had exhausted all attempts to attract a potential partner and was of the unanimous view that Avexa has exhausted all possible avenues to complete a global licensing transaction for ATC

Source: News Bites