moleculin biotech, INC. (NASDAQ:MBRX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On August 23, 2017, the Board of Directors of Moleculin Biotech, Inc. (the “Company”) approved a reorganization to which Dr. Donald Picker has been appointed as chief scientific officer of the Company. Dr. Picker will no longer serve as president or chief operating officer of the Company. Effective August 23, 2017, Mr. Walter Klemp, the Company’s chief executive officer, has been appointed to serve as president of the Company. The foregoing reorganization will not change the amount of time either Dr. Picker or Mr. Klemp will spend on Company matters, or modify their compensation arrangements.
Mr. Klemp, age 58, is a co-founder of the Company, and has served as the Company’s chairman of the board and chief executive officer since July 2015. From 2006 until May 2016, Mr. Klemp served as the chairman, co-founder and part-time chief executive officer of Moleculin, LLC. Mr. Klemp was also an equity holder in Moleculin, LLC at the time of the Company’s merger with Moleculin, LLC, and, accordingly, received shares of Company common stock in the merger. Since November 2011, Mr. Klemp has also served as chief executive officer of Soliton, Inc., a medical device company focused on developing new technology for use in aesthetics. Mr. Klemp served as president and chief executive officer of Zeno Corporation from 2004 to April 2011, where he developed and marketed dermatology devices and drugs from concept through FDA approval and market launch. From 1987 to 2000, Mr. Klemp served as chief executive officer and chairman of Drypers Corporation, a publicly traded multinational consumer products company. Mr. Klemp controls AnnaMed, Inc. In August 2015, in exchange for the issuance of 1,431,000 shares of common stock, the Company acquired the rights to the Annamycin data related to the original Annamycin IND and the development of Annamycin.
About moleculin biotech, INC. (NASDAQ:MBRX)
Moleculin Biotech, Inc. is a preclinical and clinical-stage pharmaceutical company. The Company is focused on the development of anti-cancer drug candidates. Its lead drug candidate is liposomal Annamycin, which it refers to as Annamycin, an anthracycline intended for the treatment of relapsed or refractory acute myeloid leukemia (AML). Annamycin is a Phase II clinical-stage anthracycline and liposome formulated anthracycline that has been designed to eliminate cardiotoxicity and avoid the multidrug resistance mechanisms. It has over two other drug development projects in progress, one involving a portfolio of small molecules, which it refers to as the WP1066 Portfolio, focused on the modulation of key oncogenic transcription factors involved in the progression of cancer, and the WP1122 Portfolio, a suite of molecules targeting the metabolic processes involved in cancer in general, and glioblastoma. As of September 30, 2016, it had not generated any revenue from its operations.