George Evans, a former legal executive for the drug giant Pfizer, has left his post as CEO of Beverly, MA-based Cellceutix (OTCBB:[[ticker:CTIX]]) because of a dispute about his compensation, the firm said in an SEC filing this week. Evans is demanding that the developer of cancer and autism drugs pay him a total of $1.7 million in back salary and future compensation, according to a copy of an e-mail that the firm filed with U.S. regulators. The board of directors of the firm, which has less than $5,000 in cash, has approved a one-for-50 stock split to improve its ability to raise funds, in part to pay for handling its dispute with Evans. Leo Ehrlich, who has been named interim CEO, did not immediately return a phone call about the situation today.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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