ITGI Medical Ltd. (TASE:ITGI) CEO Israel Schreiber quit yesterday, claiming too much interference in his job and authority, which affected the proper running of the company. ITGI develops heterologous tissue covered stents for cardiovascular and neurovascular interventions.
ITGI denied the charges, and said that it would set up a team headed by chairman Zvi Boms to manage the company until a success to Schreiber could be found. Boms founded the company in 2007 and owns 29% of it.
Boms is prevented from speaking to the media about ITGI's affairs, and declined to respond to the report beyond ITGI's statement.
Screiber's predecessor, Efraim Argaman, also quit over disagreements with Boms on how to run the company. Argaman wanted to focus on sales of ITGI's products, while Boms wanted to focus on R&D. Argaman is now CEO of D Medical Industries Ltd. (Nasdaq: DMED); TASE:DMED).
ITGI's share price fell 14.4% yesterday following Schreiber's resignation. The share price rose 1.9% by mid-afternoon today to NIS 0.16, giving a market cap of NIS 19 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 12, 2012
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