(Alliance News) - Motif Bio PLC on Monday said five non-executive directors - Craig Albanese, Charlotta Ginman, Zaki Hosny, Mary Polan and Andrew Powell - have resigned with immediate effect.
The AIM-listed clinical-stage biopharmaceutical company said the resignations are in line with the proposals to minimise its costs and to preserve capital.
At the end of September, the company announced an intention to conduct a corporate restructuring. In October, Motif Bio had raised GBP600,000 to implement the proposed corporate restructuring.
Motif Bio said its board is now comprised of two executive directors, Graham Lumsden and Jonathan Gold, and one non-executive chair, Bruce Williams.
The stock was trading 3.0% lower on Monday in London at 0.48 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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