MATEON THERAPEUTICS, INC. (OTCMKTS:MATN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On May 30, 2019, Mr. Matthew M. Loar informed Mateon Therapeutics, Inc. (the “Company”) of his intention to resign from his position as the Company’s Chief Financial Officer, effective June 30, 2019. Mr. Loar’s resignation will be for “Good Reason” as a consequence of the Company relocating its corporate headquarters, entitling him to certain severance benefits under the terms of his employment agreement.
On June 3, 2019, the Company reached a agreement with Mr. Amit Bhupendra Shah to transition in as Chief Financial Officer effective on July 1, 2019. Initially Mr. Shah will support the accounting function as consultant with the final employment agreement, including compensation terms, to be finalized prior to his assumption of the role of Chief Financial Officer on July 1, 2019.
Mr. Shah, age 53, has served as a senior financial officer for a number of life science companies, including Chief Financial Officer at Marina Biotech, Inc., a publicly traded biotechnology company (2017 to 2018); Vice President of Finance & Accounting Insightra Medical Inc. (2014 to 2015), Acting Chief Financial Officer of Insightra Medical Inc. (2015); VP Finance and Acting Chief Financial Officer at IgDraSol Inc. (2013); Corporate Controller & Director of Finance at ISTA Pharmaceuticals (2010 to 2012); Corporate Controller at Spectrum Pharmaceuticals (2007 to 2010): and as Controller / Senior Manager Internal Audits at Caraco Pharmaceuticals Laboratories (2000 to 2007). In addition to his work with life sciences companies, Mr. Shah served as the Chief Financial Officer at Eagle Business Performance Services, a management consulting and business advisory firm (2018 through March 2019) and as a consultant and ultimately Senior Director of Finance – ERP, at Young’s Market Company (2015 to 2017). Mr. Shah received a Bachelor’s of Commerce degree from the University of Mumbai, and is an Associate Chartered Accountant from The Institute of Chartered Accountants of India. Mr. Shah is also an inactive CPA from Colorado, USA.
Effective June 1, 2019, the Company relocated its corporate headquarters to 29397 Agoura Road, Suite 107, Agoura Hills, CA 91301.
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About MATEON THERAPEUTICS, INC. (OTCMKTS:MATN)
Mateon Therapeutics, Inc., formerly OXiGENE, Inc., is a biopharmaceutical company. The Company is focused on the development of vascular disrupting agents (VDAs) for the treatment of cancer. The Company is engaged in developing two clinical stage investigational drugs: VDAs-CA4P and OXi4503. Its lead compound is CA4P, which is also known as combretastatin A4-phosphate, fosbretabulin tromethamine, fosbretabulin and ZYBRESTAT. VDAs selectively targets the vasculature of cancer tumors and obstructs a tumor’s blood supply without disrupting the blood supply to normal tissues. VDAs are in a class of drugs called vascular targeted therapies (VTTs), which also includes anti-angiogenic agents (AAs). CA4P is a reversible tubulin binding agent that selectively targets the endothelial cells that make up the blood vessel walls in solid tumors. The Company is pursuing the development of a product candidate, OXi4503, which is a dual-mechanism VDA.
