Race Oncology (ASX:RAC) - Outgoing CEO & Managing Director, Dr Peter Molloy
Outgoing CEO & Managing Director, Dr Peter Molloy
Source: Finance News Network
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  • Dr Peter Molloy has resigned as CEO and Managing Director of Race Oncology (RAC), effective immediately
  • He has indicated to the company that he plans to take up the CEO role at Firebrick Pharma, a company which he has been associated with for several years
  • In the meantime, Chairman Dr John Cullity, and Chief Scientific Officer Dr Daniel Tillett, will step into the respective roles of Executive Chairman and Chief Operating Officer
  • Despite these changes, Race remains on track to report the outcome of the Bisantrene phase two clinical trial
  • The aim of this trial is to advance Bisantrene towards Food and Drug Administration approval
  • Race has dropped 7.89 per cent on the market, and shares are trading for 35 cents each

Dr Peter Molloy has resigned as CEO and Managing Director of Race Oncology (RAC) effective immediately.

He has indicated to Race that he plans to take up the CEO role at Firebrick Pharma, a company which he has been associated with for several years.

In the meantime, Chairman Dr John Cullity, and Chief Scientific Officer Dr Daniel Tillett, will step into the respective roles of Executive Chairman and Chief Operating Officer.

“We wish Peter success and I look forward to working closely with the team in my new role of Executive Chairman to execute upon our plans,” Dr John said.

“I wish Peter all the best with his next venture and I am looking forward to working with John and the rest of the Race team through these exciting times,” Dr Daniel added.

Under a share and loan offer made by Race to Dr Molloy in March 2016, Dr Molloy has until May 27, 2020, to repay a resource loan of $800,000.

If the loan is not repaid by this date, then Race will execute a buy-back procedure.

“This decision has not been an easy one for me, and I regret having to leave Race at this promising stage in its life, after having steered it through its ups and downs over its first four years,” Dr Molloy stated.

Despite these changes, Race remains on track to report the outcome of the Bisantrene phase two clinical trial.

The aim of this trial is to advance Bisantrene towards FDA (Food and Drug Administration) approval.

Race has dropped 7.89 per cent on the market, and shares are trading for 35 cents each at 11:06 am AEST.

RAC by the numbers
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