Bioblast Pharma Ltd. said chairman and CEO Fredric Price is stepping down and leaving the board, along with four independent board members, effective July 31.
Price said in the company's July 26 press release that "the board has determined that it is in the best interests of the company's shareholders to further reduce expenses and to turn over the business development process to a new board and a new CEO."
Warren Wasiewski will also step down as chief medical officer with the biotechnology company, which has offices in Tel Aviv and New York.
Dalia Megiddo, one of Bioblast's co-founders, will continue to serve on the board and also fill both the CEO and chief medical officer roles.
Gili Cohen, Eyal Gibor, Tomer Yossef and Ran Weinstock all were approved by the board to be new members. Cohen rejoins Bioblast, having previously been an external director for the company from July 2014 to January 2017.
The company is seeking a partner to develop an experimental, intravenous form of the medicine trehalose for certain neuromuscular diseases.