Phosphagenics chief stood down over accounting irregularities
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Biotech company Phosphagenics (POH) has shocked the market with news that its chief executive, Esra Ogru, has been relieved of her duties pending an investigation into accounting irregularities.
The company is tight lipped about the affair as it is still investigating the allegations, although a spokesperson for POH said there was no risk to the financial health of the company.
The alleged accounting hole is probably measured in a couple of hundreds of thousands at worst as POH declared that it still has $14.1 million in the bank compared with $16.9 million that it reported for the end of last year.
POH’s clinical trial programs will still proceed as planned, but the biggest risk to the value of the company is not the missing money but who can succeed Ogru if she leaves the company. Its stock dropped 2c to 11c
Ogru is well regarded in the industry and is the driving force behind POH. Even if Ogru is cleared of any wrongdoing, it is unclear if she will want to return to the role after such a blow up.
Executive director and joint chief executive Harry Rosen has taken over Ogru’s responsibilities for the time being, but he is not seen to be an ideal candidate to take POH to the next phase of growth.
However, industry insiders say that the market might find POH’s independent director Sandra Webb a suitable long-term replacement due to her experience in building successful biotech businesses, like Amrad Corporation (which was sold to CSL).
Another candidate who might also be well received is Peter Smith, the former chief executive of Alchemia (ACL).
POH is developing opioid patches that can deliver pain relief through the skin.
POH and ACL are Uncapped 100 companies.
Call 1300 880 160
Start a chat
Schedule a call
