M Pharmaceutical (CNSX:MQ) (OTCMKTS:MPHMF), a clinical-stage company, said Martin Mintchev, PhD, has resigned from the board of directors and from his position as Chief Scientific Officer with immediate effect.
"We thank Dr. Mintchev for his service to help start the company," CEO Matthew Lehman said in a statement on Tuesday. "His creative insights are the driving factor behind much of M Pharma's innovative technology."
"We wish him well with his teaching and research endeavors," Lehman added.
M Pharma recently announced it had entered into a letter of intent to acquire reformulated orlistat from Chelatexx LLC (C-103) and a significant reorganization of its priorities to concentrate on the development of oral products for obesity treatment and weight loss.
The management of M Pharma and Chelatexx LLC are currently reviewing the proposed acquisition structure for tax efficiency.
Formed in early 2015, M Pharmaceutical is developing innovative technologies for obesity and weight management.
In addition to the intended acquisition of C-103 from Chelatexx LLC, the company has exclusive rights to three technologies invented by Dr. Martin Mintchev at the University of Calgary.
These include: Trimeo capsules, temporary controllable pseudobezoars for non-invasive gastric volume reduction for the treatment of obesity; Trimtec, gastrointestinal neurostimulators for the treatment of obesity and gastroparesis; and eMosquito wearable blood glucose monitor for diabetics.
Shares of the Vancouver, British Columbia-based company were down 33.3% at C$0.05 at 11:39 a.m. in Toronto.