Medlab Clinical has announced the departure of chairman Dr Sean Hall and non-executive director Michael Carter from its board.
Medlab shares were suspended from the ASX a year ago after the company encountered financial trouble in the wake of its failed NASDAQ listing attempt. The board subsequently brought in external consultants Hall Chadwick to explore restructuring or sale options.
Back in November, it emerged that Hall would take personal ownership of Medlab's drug-delivery intellectual property by acquiring 100% of the share capital of two subsidiaries — Medlab IP and Medlab Clinical US — which together hold all of the company's IP.
The acquisition would allow him to commercialise that IP, including the flagship NanoCelle platform, across jurisdictions where Medlab holds patent protection.
Shareholders approved the transaction in December, and it closed in January. Hall's LinkedIn profile now lists him as MD of Medlab Group.
In a statement to the ASX this morning, Medlab said the board changes had been made "with a view to maximising value from a future transaction".
The company said the process "may involve engagement with current and new investors, as well as interested parties to achieve the ongoing success of the company".
"Medlab expresses gratitude to both Sean and Michael for their time and diligent efforts in managing the company on a caretaker mode since [it] entered trading suspension," the statement read.
Edmond Tan and Tim Walker have been appointed to the board as non-executive directors.
Tan is a financial services professional with a background spanning private wealth management, family office, and structured finance. He was involved in establishing a mid-market private equity joint venture fund focused specifically on foreign investment into Australia.
He also serves as the Australian representative for New York-based Obsidian Global Partners, a structured financier for ASX-listed companies.
Walker is a corporate finance professional with experience originating, managing, and leading resource-focused transactions, with particular expertise in mergers and acquisitions across Canada and Australia, IPOs, and equity and debt-financing solutions.
Hall has been contacted for comment.
