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Advanced Proteome to restructure after chief scientific officer/COO death

Advanced Proteome Therapeutics Corp. initiated a corporate restructuring plan following the death of Alexander Krantz, the company's founder, chief scientific officer and COO.

As part of the restructuring, the Boston-based biotechnology company has formed a unit called 1190090 B.C. Ltd. to hold its roughly 80% interest in Advanced Proteome Therapeutics Inc.

The restructuring will result in two operational units: the public Advanced Proteome Therapeutics Corp. and the private Advanced Proteome Therapeutics Inc. The company said the restructuring aims to realize value on its site-selective protein modification technology.

Martin Woodward and Benjamin Catalano, former directors of Advanced Proteome Therapeutics Corp., will replace William Dickie and John Garrett, who resigned from their posts at the company.

Paul Woodward remains a director and will assume the roles of president and CEO of Advanced Proteome Therapeutics Corp.

Dickie, Garrett, and Paul Woodward will become directors of Advanced Proteome Therapeutics Inc. Dickie will serve as president and CEO of the unit.