Bioniche names new COO

Bioniche (ASX:BNC) has appointed a new COO as it pursues its ambition of becoming a top North American oncology-focused biotech.

Donald Olds has taken up the role, effective immediately. Olds has experience in the biotechnology, investment banking and IT industries, having held executive positions in each.

In addition to his role at Bioniche, Olds is also currently chairman of the Neomed Institute, director and chair of the Audit Committee of the Centre Quebecois and treasurer of Oxfam Quebec.

Bioniche CEO Dr Michael Berendt said Olds’ skillset will help the company meet its current goals.

“Don brings a rare combination of scientific, operational and financial acumen that we are confident will help us position our human therapeutic business for future success and permit us to achieve our other operational objectives, including the licensing and divestiture of our non-core business assets,” he said.

Canadian-headquartered Bioniche is currently in negotiations over the sale of its animal health division. The sale forms part of a plan to focus on its human health operations, particularly bladder cancer treatment candidate Urocidin.

Perhaps because the company’s Australian operations are focused on animal health, the company is also in the process of delisting from the ASX.

Bioniche (ASX:BNC) shares were trading 1.43% higher at $0.355 as of around 2.30 pm on Wednesday.