AdAlta Pty Ltd is pleased to announce that Dr Paul MacLeman has joined the AdAlta Board and has been appointed Chairman effective from 16 April 2015. He replaces Dr John Ballard who is standing down as Chairman and will leave the board in due course, having led the Board of AdAlta for over seven years.
CEO Sam Cobb, welcomed the appointment of Dr. MacLeman as the company’s new Chairman: “I am excited to welcome such an experienced industry professional as Dr MacLeman to the Board of AdAlta. Paul brings extensive expertise in the biotech industry, executive management and the investment community to AdAlta. AdAlta will benefit from Paul’s depth of life sciences commercial experience and his networks here and abroad. I would also like to take the opportunity to thank Dr John Ballard for his significant contribution to the success of the company as the Chairman of the Board since 2007.”
Dr. MacLeman, current CEO of IDT Ltd, joins the AdAlta Board, with more than 25 years biotech experience and having led a number of companies and businesses through significant turnaround and expansion programmes, successfully raising capital in both Australia and international markets.
“I am very excited to join the AdAlta Board and be appointed Chairman,” said Dr. MacLeman. “AdAlta is at a very interesting and critical stage of its development. The next phase of the programme will deliver proof of concept in fibrotic diseases, leading into development of the Company’s first products. I am looking forward to utilizing my experience in the sector to assist Sam and the rest of the AdAlta team to access the resources needed to advance the Company to its next milestones.”
Dr John Ballard has been the Chairman of AdAlta since 2007. “I’m a “true believer” in the potential of AdAlta’s technology and as a major shareholder look forward to watching the company’s continuing development,” said Dr John Ballard.
AdAlta is developing a pipeline of i-bodies, with a focus on treatment of fibrotic diseases. The i-body – a single domain, long loop protein. is a next generation biologic. The i-body combines the advantages of conventional monoclonal antibodies (mAbs) with some of the well known features of small molecule drugs, with significantly improved efficacy and reduced toxicity. Recent animal studies have demonstrated positive in vivo data and AdAlta is developing an improved therapy for the treatment of fibrosis, prevalent in 45-50% of all diseases. AdAlta is currently raising funding to progress its lead to the clinic.