Biotech chief quits as firm hunts for missing millions
The company told the stock exchange on Monday it had received Ms Ogru's resignation, effective Thursday, July 18.
While the company would not say how much was at stake, it is understood between $3 million and $5 million has been misappropriated.
Phosphagenics, which is worth $107.1 million, invests in new technology that delivers cosmetic and pharmaceutical products such as insulin through the skin.
Property records show Phosphagenics last week slapped caveats over four properties owned by Ms Ogru, together worth more than $2.3 million.
Phosphagenics claims it has an interest in Ms Ogru's land holdings, including her $586,000 family home in Melbourne suburb Wheelers Hill, "as chargee pursuant to an equitable charge".
If the caveats are not removed by a court, they will give Phosphagenics the right to share in the proceeds of any sale of the properties.
In addition to the Wheelers Hill property, Phosphagenics has laid claim to a $321,000 unit in Mount Waverley, a $350,000 house in Noble Park and a $1 million beachside house in Portarlington, on Port Phillip Bay.
The caveats were registered on Wednesday and Thursday - the day Ms Ogru resigned her position at Phosphagenics.
The company appointed a legal and accounting firm to investigate the irregularities when it noticed them in June.
A spokesman for the company said it expected to announce the findings of the investigation to the stockmarket on Wednesday.
The company does not need to report the missing funds to police as it is not required to do so under Victorian law.
Executive director and joint chief executive Harry Rosen, who is based in the company's New York office, has assumed the role of sole chief executive in Ms Ogru's absence.
Frequently Asked Questions about this Article…
Phosphagenics' chief executive Esra Ogru was suspended by the board on July 1 after the company noticed irregularities in its invoicing and accounting records. Ms Ogru subsequently resigned, with her resignation effective Thursday, July 18.
Phosphagenics has not given an exact figure, but it is understood that between $3 million and $5 million may have been misappropriated from the company's accounts.
The company appointed a legal and accounting firm to investigate the irregularities after they were noticed in June. A company spokesman said it expected to announce the findings of that investigation to the stockmarket on Wednesday.
No. According to the article, Phosphagenics does not need to report the missing funds to police because it is not required to do so under Victorian law.
Phosphagenics lodged caveats over four properties owned by Esra Ogru — together worth more than $2.3 million. The caveats include claims on a $586,000 family home in Wheelers Hill, a $321,000 unit in Mount Waverley, a $350,000 house in Noble Park and a $1 million beachside house in Portarlington. If the caveats are not removed by a court, they would give the company the right to share in proceeds from any sale.
Executive director and joint chief executive Harry Rosen, who is based in Phosphagenics' New York office, has assumed the role of sole chief executive in Ms Ogru's absence.
The article states Phosphagenics is worth $107.1 million and develops technology to deliver cosmetic and pharmaceutical products — for example, systems designed to deliver insulin through the skin.
Investors should watch the company's announcements to the stockmarket, particularly the expected release of the investigation findings (the company said it expected to announce those findings on Wednesday). Any official stock exchange filings or updates from the board will provide the most reliable, timely information.
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