Nymox Pharmaceutical Corporation has recently made significant changes to its board of directors and management, while also rejecting a potential transaction that was deemed not beneficial for the company and its shareholders. As part of these changes, Mr. Randall Lanham, former in-house legal counsel, and Mr. Christopher Riley, former chief financial officer, have been terminated from their positions at Nymox. Furthermore, both individuals have been removed from the board.
Mr. Lanham and Mr. Riley had proposed a transaction to Nymox involving a potential business partner. However, after careful consideration, Nymox decided to reject this proposal for several reasons:
1. The proposed transaction would have granted Mr. Riley and Mr. Lanham up to 18 million shares of Common Stock, with 6 million shares being awarded immediately and an additional 12 million shares in the future.
2. In addition to the share allocation, Mr. Riley would have been appointed