High profile Australian-listed Phosphagenics chief executive Esra Orgu has been suspended from her duties after the discover of “irregular transactions” in relation to the company’s accounting records

July 1, 2013 Leave a comment

Phosphagenics chief suspended from duties

July 1, 2013 – 2:52PM

Eli Greenblat

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Phosphagenics chief executive Esra Ogru. Photo: Arsineh Houspian

High profile Phosphagenics chief executive Esra Orgu has been suspended from her duties after the discover of “irregular transactions” in relation to the company’s accounting records. Phosphagenics made the announcement to the Australian Securities Exchange this morning after entering a trading halt on Friday. In the release the company, which is developing a portfolio of cosmetics for the international beauty industry, said it believed the amount of money unaccounted for was material.

Ms Ogru, who was appointed CEO in 2010, will be replaced by executive director Harry Rosen who has returned from the junior biotech’s New York office to head the company in an interim capacity.

The suspension from duties of Ms Ogru will come as a huge shock to Australia’s close-knit biotechnology industry with the female chief executive one of the very few women to lead a biotech company.

Ms Ogru, a molecular biologist with a PhD, has been a regular on home shopping channels in recent years where she personally spruiked Phosphagenics various beauty treatments and has been interviewed on television current affair shows and radio, attracting attention for her business and scientific achievements as well as balancing work commitments with being a new mum.

Phosphagenics’ Elixia and BioElixia cosmeceuticals were launched 3 years ago and are sold in more than 600 retail outlets throughout Australia, including Myer and David Jones.

The company said today it still had $14.1 million of cash on hand with which to conduct its clinical trial programs.

Ms Ogru was unavailable for comment.

Filed under Health, Investing Process, Macro Trends

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