27/09/2018 - 14:00

Board changes for medical cannabis group

27/09/2018 - 14:00

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AusCann Group Holdings has today announced two board changes, with managing director Elaine Darby advising of her resignation and pharmaceutical executive Paul MacLeman appointed as executive director.

Board changes for medical cannabis group
Outgoing managing director Elaine Darby.

AusCann Group Holdings has today announced two board changes, with managing director Elaine Darby advising of her resignation and pharmaceutical executive Paul MacLeman appointed as executive director.

AusCann is in the process of transitioning from a startup company focused on licensing and product development, to a pharmaceutical production and sales business, after publically listing in 2017.

Ms Darby has been managing director since 2015, and will continue temporarily in the role while the company launches a recruitment process.

“Medicinal cannabis is a new market that is rapidly evolving and presents tremendous opportunities for a credible player that can develop medical grade products and an effective supply chain,” Ms Darby said.

“This has been a priority for us and we now have key elements in place to begin capitalising on this opportunity.

“In particular, the development of oral solid capsules that can provide consistent and stable dosages of active ingredients with predictable bioavailability was an essential step for the company in moving towards production and sales.”

AusCann chair Mal Washer said he was pleased with the substantial progress the company had made under Ms Darby’s leadership.

“We have positioned ourselves as a leader with the successful development of our new dose form cannabinoid pharmaceutical for the control of chronic pain,” he said.

“The board thanks Elaine for her essential role in taking AusCann from a small startup company through to one of the leading companies in medical cannabis listed on the ASX.”

Incoming executive director Dr MacLeman has more than 25 years' board and executive experience in the life sciences, agricultural and not-for-profit sectors, having worked across strategy formulation, capital raising, business development, technology commercialisation and marketing.

He is currently the chair of biotech company AdAlta, medical manufacturer Livac, and is a non-executive director of pharmaceutical company Sypharma.

Dr MacLeman also chairs the committee reviewing the National Vocational Education Training Package in Pharmaceuticals.

Dr Washer said Dr MacLeman had an in-depth understanding of the AusCann business through his existing relationship with the company, and ongoing contribution to AusCann’s pharmaceutical development activities.

“His extensive experience in the pharmaceutical industry will be a valuable asset as we move forward,” he said.

“Paul is also well placed to lead the executive search process to find a new CEO for AusCann’s next phase of development into a pharmaceutical manufacturing and sales business.”

Dr MacLeman is engaged by AusCann under an executive consultancy agreement, the material terms of which include remuneration of up to $25,000 per month (equivalent to $1,250 per half day) and termination by either party at any time by giving one month’s notice.

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