Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has appointed experienced biotechnology executive Dr Michael Baker as managing director and chief executive officer, with the leadership change coming as the company prepares to advance its lead oncology asset, HMBD-002, into a new clinical trial in the second half of 2026.
Baker will take up the role on October 5, 2026, succeeding Dr James Garner, who will step down as CEO and managing director on August 31, to pursue a new professional opportunity overseas. Garner will remain on Percheron’s board as a non-executive director from September 1, providing continuity during the transition.
Baker brings biotech development and public company experience
Baker was most recently CEO and managing director of Arovella Therapeutics Ltd (ASX:ALA, FRA:E4NA), where he led the transformation of the former SUDA Pharmaceuticals into an oncology-focused cell therapy company.
During his tenure, Arovella built a pipeline targeting blood cancers and solid tumours, with lead program ALA-101 receiving US Food and Drug Administration acceptance of its Investigational New Drug application in January 2026 ahead of an expected Phase 1 trial.
Baker also previously worked at biotechnology venture capital fund BioScience Managers and at Hexima Ltd, where he was involved in translating drug development programs from discovery toward the clinic.
Percheron chair Dr Charmaine Gittleson said Baker brought drug development, investment and public company experience to the role.
Baker said his immediate priorities would be advancing HMBD-002, increasing engagement with the investment community and building on the company’s existing development work.
HMBD-002 remains key development focus
The management transition does not alter Percheron’s existing development timetable, with the company maintaining guidance that it expects to begin a new clinical trial of HMBD-002 during the second half of calendar 2026.
HMBD-002 is a monoclonal antibody targeting VISTA, an immune checkpoint regulator. The therapy has completed a Phase 1 clinical trial in patients with advanced cancer, where Percheron reported that it was generally safe and well tolerated.
The company describes HMBD-002 as Phase 2-ready, with Baker identifying advancement of the program as a central priority following his appointment.
Shareholder-aligned remuneration package
Baker will receive a base salary of $375,000 per annum plus superannuation, alongside short- and long-term incentive arrangements.
His sign-on equity package comprises 75 million restricted stock units, subject to shareholder approval, with vesting tied to a combination of tenure and Percheron share price hurdles ranging from $0.005 to $0.015 based on a 20-day volume-weighted average price.
The package also includes a target annual bonus equivalent to 50% of base salary and a target annual option grant equivalent to 1% of issued share capital, subject to performance conditions and required approvals.
About Percheron Therapeutics
Percheron Therapeutics is developing and commercialising novel therapies for oncology and rare diseases.
Its lead program is HMBD-002, a monoclonal antibody targeting the VISTA immune checkpoint pathway.