Cranbury-based Oncobiologics Inc. announced Monday its chairman and CEO Pankaj Mohan has stepped down from his role.
Mohan will remain a member of the company’s board of directors and will become a consultant to Oncobiologics to provide advisory services.
“It has been an exciting experience founding Oncobiologics and taking the company public,” Mohan said. “The company now has differentiated technology, valuable assets and a strong management team and board, with an exceptional majority owner in GMS Tenshi. As a significant stockholder myself, I have every confidence in this team’s ability to ensure the company’s continued success and look forward to being a part of the journey as a member of the board.”
Randy Thurman, current member of Oncobiologics’ board of directors, will become executive chairman.
Thurman joined the company’s board in April of this year, and has more than 30 years of expreince in the life sciences industry. He currently serves as a senior health care operating executive with BC Partners and chairman of Zest Dental Solutions Inc. Before that, he was president of both Rorer Pharmaceuticals Inc. and Rhone-Polenc Rorer Pharmaceuticals Inc., executive chairman of Enzon Corp. and founder, chairman and CEO of VIASYS Healthcare Inc.
“I am looking forward to working with the Oncobiologics board and Dr. Mohan in seeing the company reach its full potential,” Thurman said. “Thanks to his vision, the company has a pipeline of highly differentiated drug candidates, an approved phase 3 clinical strategy for its lead drug and is implementing a contract manufacturing plan to leverage its core capabilities even further. The company is backed by a majority investor, GMS Tenshi Holdings, with an established track record of success backing its portfolio companies. We anticipate a smooth transition as Larry Kenyon, a respected industry leader, and I have previously developed an excellent working relationship.”
Oncobiologics’ board also announced it has appointed Lawrence A. Kenyon its new chief financial officer.
Kenyon, who joined the company as CFO and corporate secretary in September 2015, has more than 20 years of experience in the life sciences industry. He previously served as CFO and chief operating officer at Arno Therapeutics Inc., interim president and CEO, CFO and secretary of Tamir Biotechnology Inc., executive vice president and CFO of Par Pharmaceutical Companies Inc., CFO and COO of Alfacell Corp., and executive vice president and CFO of NeoPharm Inc.
“Dr. Mohan has guided Oncobiologics through a crucial stage in its expansion to become a NASDAQ-traded company with a burgeoning clinical pipeline and growing scientific and intellectual property assets,” said Faisal Sukhtian, an Oncobiologics board member and representative of GMS Tenshi. “He has built a strong management team to move the company toward financial success. We thank Pankaj for his leadership and accomplishments at Oncobiologics and we look forward to continuing to partner with him as we all work together towards commercial success for our stockholders.”