July 9, 2020 / 8:45 PM / a month ago

BRIEF-Anchiano Therapeutics Says On July 3 CEO Frank Haluska Sent Letter To Chairman That Board Has Considered & Construes As Notice Of Constructive Resignation

July 9 (Reuters) - Anchiano Therapeutics Ltd:

* ANCHIANO THERAPEUTICS - ON JULY 3 CEO FRANK HALUSKA SENT LETTER TO CHAIRMAN THAT BOARD HAS CONSIDERED & CONSTRUES AS NOTICE OF CONSTRUCTIVE RESIGNATION

* ANCHIANO THERAPEUTICS - HALUSKA INTENDS TO RESIGN AS OF AUG 8, ASSUMING “GOOD REASON” EVENTS OUTLINED IN LETTER ARE NOT CURED WITHIN 30 DAYS

* ANCHIANO THERAPEUTICS - BOARD INFORMED HALUSKA THAT IT COMPLETELY DISAGREES WITH LETTER’S ASSERTIONS REGARDING “GOOD REASON”

* ANCHIANO THERAPEUTICS - BOARD HAS RESOLVED TO RELIEVE HALUSKA OF HIS CEO DUTIES EFFECTIVE IMMEDIATELY

* ANCHIANO THERAPEUTICS - IN LETTER, HALUSKA ALSO CONFIRMS INTENT TO RESIGN AS DIRECTOR OF CO

* ANCHIANO THERAPEUTICS - UNTIL NEW CEO IS IDENTIFIED & APPOINTED, BOARD WILL HANDLE ALL MATTERS RELATED TO CEO DUTIES

* ANCHIANO THERAPEUTICS - ON JULY 6, GOT NOTICE FROM DANFORTH ADVISORS OF INTENTION TO TERMINATE WITHOUT CAUSE CONSULTING AGREEMENT WITH CO

* ANCHIANO THERAPEUTICS - DANFORTH ADVISORS WILL NO LONGER ACT IN ROLE OF PROVIDING CFO SERVICES FOR CO

* ANCHIANO THERAPEUTICS - ENGAGED LINE CONSULTING A.S LTD. TO PROVIDE ALL NECESSARY FINANCIAL CONSULTING SERVICES

* ANCHIANO THERAPEUTICS - APPOINTED ANDREW FINE AS ACTING CFO

* ANCHIANO THERAPEUTICS - WILL BE UNDERTAKING REDUCTIONS IN HEADCOUNT AND OTHER COST SAVING MEASURES

* ANCHIANO THERAPEUTICS - COST SAVING MEASURES INCLUDE PLANS TO TEMPORARILY PAUSE INTERNAL & EXTERNAL RESEARCH ON CO’S PAN-RAS-INHIBITOR PROGRAM

* ANCHIANO THERAPEUTICS - HAS ALSO BEGUN TO EXPLORE STRATEGIC ALTERNATIVES AND HAS ENGAGED OPPENHEIMER & CO. TO ASSIST WITH THIS EFFORT

* ANCHIANO - PLANS TO TEMPORARILY PAUSE WORK ON CO'S PAN-RAS-INHIBITOR PROGRAM UNTIL THERE IS GREATER CLARITY REGARDING ABILITY TO FUND SUCH WORK Source text: [bit.ly/3iLZL9g] Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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