Paradigm Biopharmaceuticals Ltd (ASX:PAR) CEO Marco Polizzi has stepped down from his role and will transition out by February 20, 2023.
Polizzi has been in charge of the late-stage drug development company, which is focused on delivering new therapies to address unmet medical needs, since July 2022 and has been in the biopharma space for more than 30 years.
The company's board has thanked Polizzi for his service and appointed Paradigm’s founder and non-executive chairman Paul Rennie as managing director during the transition period and thereafter.
“I am pleased to advise that the personal circumstances that originally required my stepping down from the managing director role in 2021, have now been successfully resolved. I look forward to working closely again with the Paradigm executive team and the board in continuing our journey together," Rennie said.
Rennie will continue to serve on the Paradigm board, now as an executive chairman.
Drawing on in-depth knowledge
The board will rely on Rennie’s in-depth knowledge of all aspects of PAR’s technology and business which will support a seamless transition and will place the company in the best position to achieve its objectives.
Rennie founded Paradigm in 2014 and a year later took the company public, negotiating the bene pharmaChem exclusive supply agreement.
He has generated and in-licensed patents, such as the MPS and lysosomal storage disease patent to grow Paradigm’s intellectual property portfolio.
Given his achievements and the relationships he has in the financial and investor space, the board felt Rennie was the right person to cultivate and drive the business forward.