AusCann is transitioning from a start-up company focused on product development to a pharmaceutical production and sales business.
() (OTCQX:ACNNF) has appointed experienced pharmaceutical executive, Dr Paul MacLeman, to the board as an executive director.
Dr MacLeman has over 25 years’ board and executive experience across the life sciences, agricultural and not for profit sectors.
This includes strategy formulation, capital raising, business development, technology commercialisation and sales & marketing.
He has also launched a variety of products in Australia, the US and Asia, founded life sciences start-ups in the biologics area and worked in investment banking.
READ: Auscann Group makes steady progress towards production of cannabinoid medicines
AusCann chairman Dr Mal Washer said: “I am delighted that Paul has joined the AusCann Board.
“He has an in-depth understanding of the AusCann business through his existing engagement since October 2017 and his ongoing contribution to the company’s pharmaceutical development activities, culminating in our patent application for a new final dose form cannabinoid therapeutic.
“His extensive experience in the pharmaceutical industry will be a valuable asset as we move forward.
“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.”
READ: AusCann Group commences trading in the US increasing global exposure
AusCann managing director Elaine Darby has advised the board she intends to step down as managing director as part of the company’s transition to a sales-focused pharmaceutical company.
The board will now commence a comprehensive executive search to recruit a suitable candidate.
Darby will continue in her role to ensure an orderly transition process until an appropriate time to hand over leadership responsibilities.
READ: AusCann Group well positioned as investors move in on medical cannabis sector
AusCann chairman Mal Washer said: “I am very pleased with the substantial progress the company has made under Elaine’s leadership over the past few years.
“We have positioned ourselves as a leader with the successful development of our new dose form cannabinoid pharmaceutical for the control of chronic pain.
“The Board thanks Elaine for her essential role in taking AusCann from a small start-up company through to one of the leading companies in medical cannabis listed on the ASX.”
