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Thursday, May 16, 2013 7:20:28 AM
"Effective May 3, 2013, Dr. Daniel Chain resigned as Chief Executive Officer and Chairman of the Board of Directors of Intellect Neurosciences, Inc. (the “Company”)"
(complete 8K here). ++Resignation letter, with alleged breaches attributable to ILNS from Dr.Chain's law firm below.++
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Effective May 3, 2013, Dr. Daniel Chain resigned as Chief Executive Officer and Chairman of the Board of Directors of Intellect Neurosciences, Inc. (the “Company”).
As described in Dr. Chain’s resignation letter dated May 3, 2013 attached as an exhibit hereto, Dr. Chain was motivated by a disagreement with the Company relating to various matters concerning his compensation, including salary payments, expense reimbursements and issuance of incentive stock compensation.
In addition, the Board of Directors of the Company is in a disagreement with Dr. Chain concerning his pursuit, for his personal benefit, of the development of CHF5074, a drug product candidate designed as a treatment for early stage Alzheimer’s disease. CHF5074 is currently or previously owned by Chiesi Farmaceutici S.p.A., a pharmaceutical company based in Parma, Italy. The Board of Directors of the Company views the development of CHF5074 as a suitable opportunity for the Company that Dr. Chain is precluded from taking for himself.
http://www.sec.gov/Archives/edgar/data/1337905/000114420413027571/v344594_ex99-1.htm
(complete 8K here). ++Resignation letter, with alleged breaches attributable to ILNS from Dr.Chain's law firm below.++
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Effective May 3, 2013, Dr. Daniel Chain resigned as Chief Executive Officer and Chairman of the Board of Directors of Intellect Neurosciences, Inc. (the “Company”).
As described in Dr. Chain’s resignation letter dated May 3, 2013 attached as an exhibit hereto, Dr. Chain was motivated by a disagreement with the Company relating to various matters concerning his compensation, including salary payments, expense reimbursements and issuance of incentive stock compensation.
In addition, the Board of Directors of the Company is in a disagreement with Dr. Chain concerning his pursuit, for his personal benefit, of the development of CHF5074, a drug product candidate designed as a treatment for early stage Alzheimer’s disease. CHF5074 is currently or previously owned by Chiesi Farmaceutici S.p.A., a pharmaceutical company based in Parma, Italy. The Board of Directors of the Company views the development of CHF5074 as a suitable opportunity for the Company that Dr. Chain is precluded from taking for himself.
http://www.sec.gov/Archives/edgar/data/1337905/000114420413027571/v344594_ex99-1.htm
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