Former Pfizer Exec Leaves CEO Post at Cellceutix

11/10/10

George Evans, a former legal executive for the drug giant Pfizer, has left his post as CEO of Beverly, MA-based Cellceutix (OTCBB:CTIX) because of a dispute about his compensation, the firm said in an SEC filing this week. Evans is demanding that the developer of cancer and autism drugs pay him a total of $1.7 million in back salary and future compensation, according to a copy of an e-mail that the firm filed with U.S. regulators. The board of directors of the firm, which has less than $5,000 in cash, has approved a one-for-50 stock split to improve its ability to raise funds, in part to pay for handling its dispute with Evans. Leo Ehrlich, who has been named interim CEO, did not immediately return a phone call about the situation today.

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