Acrux Limited (ASX:ACR) CEO Michael Kotsanis to Retire
Leadership Transition
Acrux Limited (ASX:ACR) has announced that CEO Michael Kotsanis will retire, remaining in his position until a successor is appointed to ensure a smooth transition.
Executive Comments
Chairman Ross Dobinson commented, “On behalf of the Board, I would like to thank Michael for successfully developing and implementing the Company’s generic drug strategy. This strategy has enabled the generation of a diverse suite of products that are now generating revenue, with further products in development and with approvals pending. Michael has established both a highly qualified team and the processing methodologies which provide the capability to execute advanced topical drug development. Michael recently implemented a capital raising that was necessary to progress a further four products for FDA filings. These filings should provide a material broadening and deepening of Acrux’s product portfolio, which is also expected to provide further product licensing opportunities in both the US and other markets.”
CEO Michael Kotsanis said, “It has been my privilege to serve as CEO of Acrux for over 10 years. I am proud of the Acrux team’s achievements over the last decade. We have built a team and processes that have demonstrated the capability to develop products from our laboratory in Melbourne through to commercialisation in the United States. The Company has developed and received approval for six products from the United States FDA over the last four years. With a solid pipeline of products and a strong Board and management team, I feel that it is the right time for me to step down as CEO. I would like to thank our dedicated employees, the Board and the many long term shareholders for their ongoing support and look forward to working with my successor to ensure an effective handover.”
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