Se­cret meet­ings, merg­ers and a board putsch: Arc­turus founder/CEO claims 4 board mem­bers con­spired on his ouster

News of Joseph Payne’s abrupt de­par­ture from San Diego-based Arc­turus $ARCT left lit­tle doubt that he had been kicked out of the mi­cro­cap RNA biotech. But now he’s fight­ing back.

Payne, who helped found the com­pa­ny, had his at­tor­neys draft a let­ter to Arc­turus claim­ing that he had been im­prop­er­ly pushed out by a ca­bal of 4 com­pa­ny di­rec­tors, who he says en­gaged in an in­trigue that vi­o­lat­ed the rules es­tab­lished by the Is­raeli laws that gov­ern its op­er­a­tions. And a re­verse merg­er he used to take the com­pa­ny pub­lic is be­ing blamed for the sud­den pow­er shift, ac­cord­ing to the let­ter in­clud­ed in a fil­ing to­day at the FDA.

Endpoints News

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.