The outgoing board members are partners at the Giza and Pitango venture capital funds.
Drug developer BiolineRX Ltd. (TASE:BLRX) has announced a new rights issue. As a result two members of the board have resigned: Pitango Venture Capital general partner Ruti Alon and Giza Venture Capital general partner Zeev Holtzman. Both venture capitalists announced that they had resigned because of the impending rights issue.
Above and beyond the rights issue there has been friction between Alon and Holtzman on the one hand and Bioline's management led by CEO Dr. Morris Laster and chairman Dr. Aharon Schwartz who is also Teva Pharmaceutical Industries Ltd. (Nasdaq:TEVA; TASE:TEVA) head of innovative ventures. Teva is a major shareholder in the company and Dr. Schwartz initiated its establishment.
Published by Globes [online], Israel business news - www.globes-online.com - on June 9, 2009
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