A big shake-up at Aravive results in CEO Rekha Hemrajani leaving the company, along with Chairman and former CEO Jay Shepard. Two other directors are also leaving the Board.
Investor and Pharma veteran Fredric Eshelman has bought $5 million of shares (just over 5%) in the company and installed himself as Non-Exec Chairman.
Aravive is a clinical stage biotechnology company, focusing on developing therapies for solid tumors and hematologic malignancies. It has its head office in downtown Houston. It went public in October 2018 via a reverse takeover.
Ms Hemrajani only joined the company in January 2020. She worked out of the company’s Palo Alto office. She came from Arcus Biosciences where she had been COO and CFO. Ms Hemrajani will receive a severance payment ($237,500) equivalent to six months salary as well as the accelerated vesting of 35,750 shares (worth about $250,000).
Dr Gail McIntrye has been promoted from Chief Scientific Officer to CEO. She has worked with the new chairman at two previous companies.