Sources: Avi Barak's departure is related to disputes with controlling shareholder Clal Biotechnology.
Biocancell Therapeutics Ltd. (TASE:BICL) CEO Avi Barak today tendered his resignation, which will take effect on January 30, 2010.
Barak said, "I will soon be 60, and I felt that this was the right time to take up a less demanding lifestyle. We recently raised $1 million, and we'll soon raise a few million dollars more, so the company is in good shape and I feel that it's okay to leave."
Sources inform ''Globes'' that Barak decided on his departure, but that it is also related to disputes between Biocancell's management and its controlling shareholder, IDB Holding Corp. Ltd. (TASE:IDBH) unit Clal Biotechnology Industries Ltd. (TASE: CBI). While both parties have been signaling business as usual, tensions apparently remained beneath the surface. Barak denied that there was ever a dispute, and anyway it had nothing to do with his resignation.
Biocancell's share fell 2% to NIS 2.90.
Published by Globes [online], Israel business news - www.globes-online.com - on August 11, 2009
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