Biolex Therapeutics Execs Gone Before Filing for $38 Million Bankruptcy
Prior to filing its bankruptcy papers, Biolex tried cutting expenses by laying off the company’s two top executives, CEO Jan Turek and CFO Dale Sander, the filing reveals. They were terminated on May 15.
The only executives not listed in the filing as having been terminated were Chief Medical Officer Walker Long and Vice President of Research Lynn Dickey. Both are listed among creditors - Long for $130,000 and Dickey for $60.
The most recent termination date listed is July 2 for director Sherrill Neff, a managing partner at investor Quaker Bioventures.
Turek, a member of the board of directors since June 2001, was formerly the senior vice president and general manager for the Biological Products business unit of Bayer Corp. According to the filing, he is owed $164.49 from Biolex – much less than the former COO, David Spencer, who is owed $134,296.