Paradigm Biopharmaceuticals Ltd (ASX:PAR)’s founder and chief executive officer Paul Rennie is transitioning from his current role as chief executive officer and managing director to non-executive chairman with immediate effect.
Also effective immediately, Dr Donna Skerrett, the company's chief medical officer, will be appointed interim CEO.
The board’s remuneration and nominations committee has engaged a global executive search firm to undertake the search for a new CEO.
Potential CEO candidates
Rennie said: “The company initiated a search for a new CEO with global pharma experience and we have already identified a number of potential candidates.
"Dr Skerrett is a very capable and talented person and knows the company very well.
"Her proven talents have gained the respect of the entire Paradigm team and will ensure a seamless transition”.
Exciting period
Rennie, who founded the company in 2014, has overseen its progress from a privately-operated business to a Phase 3 clinical development ASX 300 company with a market cap exceeding $A488 million.
He added: “It has been a pleasure to have been the CEO and managing director of Paradigm Biopharmaceuticals and I thank all my Paradigm colleagues and investors for their ongoing support during my tenure.
“I look forward to my continued involvement with Paradigm in this new role - it is a very exciting period for Paradigm as it moves further into its global phase 3 pivotal trial in osteoarthritis (which is a large market with poorly met needs).
New commercial partnerships
“In the non-executive role, I intend to focus on the strategic direction of the company and work to enhance the strategic relationships which are so important to our company.
“I plan to maintain the strategic relationship with bene pharmaChem and forge new commercial partnerships.
“I have every confidence that the company’s management will continue to attain the company’s goals and I look forward to making a continuing contribution to the future success of the company as non-executive chairman.
“Paradigm has in place a world-class team with all the expertise and experience necessary to continue to increase shareholders’ value efficiently and effectively, including, of course, by executing the company’s global Phase 3 pivotal trial.
Paradigm is a Phase 3 clinical-stage biopharmaceutical company focussed on repurposing existing molecules for new indications with unmet clinical needs.