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Tetra Bio-Pharma co-founder forgoes re-election to board

Tetra Bio-Pharma Inc. said André Rancourt will not stand for re-election as a director of the company due to other private business obligations.

Rancourt's term will end at the company's upcoming annual shareholders meeting to be held June 19.

Rancourt, a co-founder of the Canadian biopharmaceuticals company, became a member of the Tetra Bio-Pharma board in September 2016, the same month he was appointed the company's interim CEO — a position he held until July 2017.

Rancourt has been the chairman of Tetra Bio-Pharma since July 24, 2017. While he will no longer remain a member of the company's board, he will continue to hold 6,585,436 shares of the company, representing 4.31% of the organization, according to S&P Capital IQ data.