VANCOUVER – Angiotech Pharmaceuticals Inc. says its long-time president and chief executive officer, William Hunter, is being replaced.
The company said Friday that on an interim basis Thomas Bailey, the troubled company’s chief financial officer, will step into the leadership position.
Under Hunter’s leadership, Angiotech went from a development company to one of Canada’s most commercially successful biotechnology companies.
Its main technology was a coating for stents used to treat some heart problems with in a surgical procedure known as angioplasty.
However, the company has been hurt by reduced sales of angioplasty stents by its partners and unsuccessful attempts to diversify into other product lines.
The company also went through a restructuring of its capital that left bondholders with a majority of the company’s shares. Angiotech’s shares were delisted from the Toronto Stock Exchange in February.
“Since completing our recapitalization transaction last May, our cash flows and liquidity have materially improved and exceeded our expectations,” Bailey said.
“I look forward to working with our board of directors, our senior team and our dedicated people to continue this momentum, and to expediently execute the near term strategic plans and activities that we believe will create value for our stakeholders and best position our businesses for future success.”
The company provided no details about the change in Hunter’s status or his future plans. In addition to being president and CEO, he had been a member of its board of directors.
Local news from metronews.ca/vancouver
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