SYDNEY: Recce Pharmaceuticals Ltd (ASX:RCE, FSE:R9Q), the Company developing a New Class of Synthetic Anti-infectives, is pleased to announce appointment of Dr John Prendergast as Executive Chairman effective immediately.
US-based Dr Prendergast transitions to the role having joined the Board of Directors as Non-Executive Director in April 2018 and then becoming Non-Executive Chairman in July 2019. As Executive Chairman, he will be working alongside CEO James Graham at an important and exciting time as the Company’s anti-infective programs advance locally and internationally.
Dr. Prendergast’s comes to the role having experience in commercialising pharmaceuticals for global markets, most notably in the USA, together with an initial background in microbiology. He also serves as Non-Executive Chairman and Co-Founder of Palatin Technologies (NYSE: PTN) developing targeted therapeutics for the treatment of diseases with significant unmet medical need and is Lead Director of Nighthawk Biosciences, Inc. (NYSE: NHWK), a publicly traded, clinical stage immunomodulatory company. Dr. Prendergast has been involved in the development and approval of three (3) New Drug Applications.
Recce Pharmaceuticals Chief Executive Officer James Graham said, “We are delighted to welcome Dr Prendergast to a more active role active in the operational team. Bringing a depth of knowledge and well recognised capability as a veteran in biotechnology and international capital markets, we greatly look forward to his continued contributions over the time ahead.”
Dr Prendergast said, “I am delighted to work alongside the expertise I’ve witnessed among the Recce team over these last 4 years. We are excited about the data from our current clinical programs and have great aspirations as we advance for our future Phase I & Phase II clinical trials as well as a suite of pre-clinical programs for a range of indications. Together with the support of our clinical collaborators, business partners and shareholders, we are proudly building a company with real global impact positioned to address and deliver on one of the greatest unmet medical needs currently faced by humanity.”
Pursuant to his Executive Services Agreement, which replaces his previous letter of engagement, Dr Prendergast will receive remuneration of US$250,000 per annum, plus superannuation. In addition, the Company may award performance-based bonuses, taking into account such key performance indicators as the Company may set from time to time.
The Executive Services Agreement may be terminated by either party without reason on 3 months’ written notice. In the event the Company terminates the Executive Services Agreement, at the end of the 3 month notice period it will also make a payment of 3 months’ salary to Dr Prendergast.