News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Biolex Therapeutics Execs Gone Before Filing for $38 Million Bankruptcy


7/9/2012 8:06:30 AM

Triangle Business Journal by Lauren K. Ohnesorge, Staff Writer

Prior to filing its bankruptcy papers, Biolex tried cutting expenses by laying off the company’s two top executives, CEO Jan Turek and CFO Dale Sander, the filing reveals. They were terminated on May 15.

The only executives not listed in the filing as having been terminated were Chief Medical Officer Walker Long and Vice President of Research Lynn Dickey. Both are listed among creditors - Long for $130,000 and Dickey for $60.

The most recent termination date listed is July 2 for director Sherrill Neff, a managing partner at investor Quaker Bioventures.

Turek, a member of the board of directors since June 2001, was formerly the senior vice president and general manager for the Biological Products business unit of Bayer Corp. According to the filing, he is owed $164.49 from Biolex – much less than the former COO, David Spencer, who is owed $134,296.




comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES