Argy-bargy continues at Avexa

By David Binning
Friday, 27 August, 2010

Troubled HIV drug developer Avexa may be poised for yet another coup after major shareholder Calzada this week called for an extraordinary general meeting to discuss the future of the company.

Calzada owns 16.06 percent of Avexa, and has called for an EGM on September 28 following what it describes as an unsatisfactory response to its concerns. Avexa has labelled the proposed meeting a waste of time.

Last month an anonymous group of shareholders successfully petitioned for the removal of the previous board, led by Nathan Drona, with a view to recommencing development of the company’s discontinued program for HIV drug apricitabine (ATC).

Drona and all but one existing board member were removed, replaced by current directors Steven Crowley and Bruce Hewett.

At the time Calzada asked for a seat on the Avexa board, a request Avexa appears reluctant to grant.

Avexa reported a full year net loss of $41.5 million this week, up from last year’s loss of $36.2 million.

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