Arbutus Biopharma Corporation (NASDAQ: ABUS) has announced significant changes to its board of directors and the appointment of Lindsay Androski, J.D., M.B.A., as the new Chief Executive Officer. Androski, who has nearly 30 years of experience in biotechnology, law, and academia, replaces Michael J. McElhaugh, the company's interim president and CEO.
Following these changes, the company has also seen the addition of four new directors * Robert Alan Beardsley, Joseph Bishop, Matthew Gline, and Anuj Hasija. As a result, all members of the existing board of directors have stepped down, and the board has been reduced to five members in total.
In light of these developments, Arbutus Biopharma Corporation has decided to temporarily pause participation in investor meetings and conferences while the new board and management team review development plans and strategic options for its hepatitis B programs.
This news comes as the company is currently focused on developing imdusiran (AB-729) for the treatment of chronic hepatitis B (CHBV) and maximizing opportunities for its in-house developed lipid nanoparticle (LNP) delivery technology through its ownership stake in and license agreement with Genevant.
The changes in leadership and the addition of new directors signal a significant shift in the company's direction and strategy, aimed at advancing its pipeline efficiently and maximizing contributions to LNP delivery technology. These changes are expected to deliver greater value to shareholders and patients alike. Following these announcements, the company's shares moved 7.9%, and are now trading at a price of $3.6. For more information, read the company's full 8-K submission here.
