Arovella Therapeutics Ltd (ASX:ALA) has welcomed medtech stalwart Dr Thomas Duthy as its next non-executive chair.
The incoming executive will take the reins from interim chair Dr Elizabeth Stoner, who will remain on the Arovella board as a non-executive director.
Experience on board
Dr Duthy brings more than 18 years of direct market, executive and board experience to the role — know-how that will take the ASX-lister into its next phase of growth.
The new chair is the founder and director of Nemean Group, which provides corporate advisory and investor relations (IR) services to life sciences and tech firms.
The group has consulted with others on the market, like Nova Eye Medical, and was instrumental in a pivotal lasers and ultrasound division sale back in 2020.
That transaction made A$100 million in cash, with A$61 million from the deal making its way back to shareholders’ pockets.
"On track for success"
Dr Stoner said the Arovella team was delighted to attract someone of Tom’s character.
“We have worked diligently over the past 18 months to get the company to the position it is today, and we believe that it is on track for success, she explained.
“I have thoroughly enjoyed working with Michael and the board of directors and I look forward to supporting Tom in his role as chair.”
Beyond Nemean, Dr Duthy also headed up corporate development and IR at Sirtex Medical, which was acquired for $1.9 billion in cash in September 2018 and remains the largest medical device acquisition in Australian corporate history.
He’s also an executive director at fellow ASX-listers Invex Therapeutics Ltd (ASX:IXC) and Neurotech International Ltd (ASX:NTI), and he’ll continue his involvement with Nemean Group as he chairs the Arovella board.
Dr Duthy said of his appointment: “I am delighted to join Arovella’s board of directors as chair, and commend Dr Stoner, who as interim chairperson, has served the company admirably and positioned Arovella to complete the next stage of our development strategy with the recently executed capital raise.”
“The iNKT cell therapy platform is exquisitely differentiated, patent protected and highly prospective when considering its potential applications in certain blood cancers and our collaboration with Imugene Ltd in solid tumours.”
Impressive track record
Arovella CEO and MD Dr Michael Baker said: “Tom has a wonderful track record in serving small biotech companies and also in transactions at a larger scale, as we saw with the $1.9 billion all cash acquisition of Sirtex.
“We are delighted with Tom’s appointment as Chair of Arovella’s Board of Directors.
"Elizabeth has done a phenomenal job in the role and it is through her efforts that we can attract the calibre of people like Tom.”