Bioheart founder Howard Leonhardt resigned as chairman and CEO, of the biotechnology company, handing both jobs to Dr. Karl E. Groth, as the company replaced two other top executives, according to the South Florida Business Journal. The company has been seeking to raise capital throughout most of this year in order to complete clinical trails for its biotechnology drugs. Its second quarter financial report has been delayed because its auditors have not completed its audit and the company has not finished crafting its disclosures. While Leonhardt has resigned as CEO and as a member of its board of directors, he remains Bioheart’s chief scientific and technology officer and chairman of its scientific advisory board. Leonhardt said he resigned to concentrate on enhancing Bioheart’s technologies, especially in the emerging field of stem cell therapy. Since 1999, Groth has been working in venture capital. New York-based Ascent Group lists Groth among its principals, along with Peggy A. Farley, who was just named as COO of Bioheart. She was already a Bioheart board member. A venture capital fund managed by Ascent Group invested $3 million in Bioheart in 2007. It was also announced that Mark P. Borman is Bioheart’s new CFO, he has been on the board since May.
Bioheart’s Leonhardt Resigns; Groth Steps Up
While Leonhardt resigned as CEO and from the board, he remains chief scientific and technology officer.
August 19, 2009