Lion changes management

Lion bioscience (FSE:LIO; LEON) said that, effective immediately, Daniel Keesman, COO and co-CEO, and Martin Hollenhorst, CFO and co-CEO, have resigned. The company's directors also have stepped down. LIO said the resignations were related to the company's inability to "extend its directors and officers insurance" on economically feasible terms after the company announced it plans to delist from NASDAQ.

LIO promoted Joseph Donahue and Thure Etzold to co-CEOs. Donahue remains CBO and will assume responsibilities for finance and administration. Etzold, who also was promoted to chief technology officer with responsibilities for product development and services, formerly was SVP of R&D and marketing manager of LIO's Lion bioscience U.K. subsidiary. LIO said the local trade court in Heidelberg will appoint a new supervisory board for the company. ...