- After about four and a half years in the position
- In accordance with the Merger Agreement
- David Domzalski taking over
(exechange) — Bridgewater, New Jersey, March 10, 2020 — Steve Basta, chief executive of Menlo, leaves. As announced by Menlo Therapeutics Inc. in a news release published on Monday, March 9, 2020 and in a regulatory filing published on Tuesday, March 10, 2020, Steven (Steve) Basta leaves his post as chief executive officer at the biopharmaceutical company after about four and a half years in the role, effective immediately.
Menlo Therapeutics also announced the completion of its merger with Foamix Pharmaceuticals Ltd. following the satisfaction of all closing conditions required by the merger agreement.
Steve Basta’s duties as CEO will be taken over by David Domzalski, most recently Chief Executive Officer of Foamix Pharmaceuticals Ltd.
In accordance with the Merger Agreement
Steve Basta’s departure from the CEO post is explained as follows. Menlo said: “In accordance with the Merger Agreement, on March 9, 2020, immediately prior to the Effective Time, (i) Mr. Basta resigned as President, Chief Executive Officer and Principal Executive Officer, (ii) Kristine Ball resigned as Senior Vice President, Corporate Strategy, Chief Financial Officer and Principal Financial and Accounting Officer, (iii) Paul Kwon resigned as Chief Scientific Officer, and (iv) Paul Berns, Ted Ebel, David McGirr and Scott Whitcup resigned from the Board and any respective committee of the Board to which they belonged, which resignations were not the result of any disagreements with the Company relating to the Company’s operations, policies or practices.”
Share price decline
The announcement follows a decline in Menlo Therapeutics Inc.’s share price of 47% since April 2019.
In the position of CEO since 2015
Steve Basta became CEO of the Company in 2015.
Steve Basta has served as the Company’s President and Chief Executive Officer and member of the Company’s board of directors since September 2015.
From October 2011 until August 2015, Basta served as Chief Executive Officer of AlterG, a privately held medical device company.
From November 2002 to February 2010, Basta served as Chief Executive Officer of BioForm Medical, a publicly listed medical aesthetics company acquired by Merz, and from February 2010 to September 2011 served as Chief Executive Officer of Merz Aesthetics, the successor to BioForm Medical.
Basta is currently a board member of the publicly listed company, Viveve Medical (since September 2018) and serves as Chairman of the Board of Viveve (since January 2019).
Basta previously served on the board of Carbylan from September 2009 to November 2016. Basta served on the board of RF Surgical (acquired by Medtronic) from December 2013 to August 2015.
Basta received a B.A. from The Johns Hopkins University and an M.B.A. from the Kellogg Graduate School of Management at Northwestern University.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 11.2020 ($).