Oncobiologics Inc. said its founder Pankaj Mohan stepped down from the positions of chairman and CEO, effective June 18.

The Cranbury, N.J.-based biopharmaceutical company said Mohan will remain a board member and will enter into a consulting agreement to provide advisory services in connection with the development of its product candidate ONS-5010.

Oncobiologics said board member Randy Thurman will assume the role of executive chairman and CFO Lawrence Kenyon will serve as interim CEO.

Thurman joined Oncobiologics' board in April, while Kenyon joined the company as CFO and corporate secretary in September 2015.

Oncobiologics' board has formed a search committee to find a permanent CEO.