Anatara CEO Paul Schober leaves, market spooked but he says just wants to retire

CEO of Brisbane-based drug developer is leaving after only starting in March last year, saying he was keen to retire while able to enjoy life.

Anatara is working on a drug to combat pig diarrhoea.

THE chief executive officer of Brisbane-based drug developer Anatara is leaving after only starting in March last year, saying he was keen to retire while still able to enjoy life.

The sharemarket was spooked by the news, dropping shares 10c to $1.25 in Anatara on Monday, which is developing a drug to combat diarrhoea in pigs.

“This is an unexpected development,” Bioshares analyst David Blake said. Mr Blake said a positive was that Anatara chairman Mel Bridges had responded seriously with Dr Bridges becoming CEO-chairman and appointing Mike West as chief operating officer.

Dr Schober, 57, said he wanted to retire and enjoy life, as his family history included people passing away not long into their later years. His plans included walking around Mount Blanc and Nice in France for several weeks, and spending time with family.

He will retire over the next three months.

Dr Schober has almost 210,000 shares and 375,000 options and said he would retain his holdings. “The company’s in good shape,” he said.

Anatara shares have defied the fate of many biotechnology stocks and actually risen since floating at 50c a share in 2014.

Earlier this month the company announced several new plans, but a new pig trial had to be suddenly cancelled last week. Anatara has also pushed out timelines for when its drug will go on sale in Australia to 2017, after initial hopes of a mid-2016 launch.

The date had been deferred as Anatara said it looked to expand its European and US markets, with the idea was likened to getting overall faster access to a greater market.

Anatara is positioning its product as an alternative to antibiotics, a theme that Bioshares last year said would likely sustain interest in the stock both.

RELATED STORIES:

ANATARA GIVES ITSELF BREATHING ROOM ON SALES

PIG TRIAL GETS POSITIVE RESULTS, BUT WEIGHT GAIN RESULT WEAK