Life sciences firm Annidis (TSX-V:RHA) is losing one of its veteran directors, less than three months after the Ottawa-based company replaced its chief executive.
Michael Mueller resigned from Annidis’ board, effective Sept. 1, the company said Wednesday as it released financial results that showed revenues plunged in the company’s second quarter.
Mr. Mueller is based in Toronto and joined Annidis in September 2009, according to regulatory filings. He continues to sit on the board of another Ottawa-based firm, Magor Communications, as well as the Public Service Pension Investment Board, among other organizations.
Mr. Mueller’s resignation comes on the heels of Annidis appointing Cameron Bramwell as its new president and CEO. Mr. Bramwell replaced Michael Crowley, who will remain on the board of directors, the company said in June.
Annidis said in a statement Wednesday that it’s made “significant changes to its senior management team” since 2015 to “reposition” its business and products. It did not tie Mr. Mueller’s departure to those efforts.
Annidis creates healthcare products and services that help eye care professionals screen, detect, diagnose, treat and manage diseases affecting the eye.
The company’s revenues fell 78 per cent to $98,182 in the second quarter. The company failed to make any sales in the three months ended June 30 as all its revenues came from rentals, support and maintenance fees.
However, cost-cutting efforts helped Annidis narrow its quarterly loss to $1.29 million, an improvement over its $1.53 million loss a year ago.