THUNDER BAY – Warnex Inc. provides pharmaceutical and biotechnology companies with a variety of quality control services, including chemistry, chromatography, microbiology, method development and validation, and stability studies. There are thre facilities operated by the company, including one in Thunder Bay. The company has announced that Mr. Mark Busgang has resigned as President and Chief Executive Officer and as a director of Warnex.
The former responsibilities of Mr. Busgang will be assumed by the remaining senior officers of Warnex with oversight from the newly created Executive Committee of the Board of Directors of Warnex. Busgang has agreed to serve as a consultant to Warnex for a period of up to one year in order to ensure the orderly transition of his responsibilities.
In a news release, the company states, “As previously announced on November 18, 2011, the Board has established an Executive Committee comprised of independent directors to oversee and make recommendations to the Board regarding the review of Warnex’s strategic alternatives with a view to recognizing the full value of Warnex and/or its assets (the “Strategic Review”). The Executive Committee is chaired by Mr. Michael Singer, who currently serves as the Chief Financial Officer of Thallion Pharmaceuticals Inc., for which Mr. Singer’s primary responsibilities shall continue. Other members of the Executive Committee include Messrs. Richard Laferriere, Michel Lassonde and Marc Lebel. There is no defined timeline for the Strategic Review and Warnex does not intend to disclose developments with respect to the Strategic Review process unless and until the Board has approved a definitive transaction or other course of action or otherwise deems that disclosure of developments is appropriate. There can be no assurance that any transaction will occur, or if a transaction is undertaken, as to its terms or timing”.