NEW YORK (GenomeWeb News) – Accipiter Life Sciences Fund last week informed Orchid Cellmark that it will nominate three individuals to serve on the DNA testing company's board of directors — a move that would effectively replace the three Class I directors of the current board, according to a filing with the US Securities and Exchange Commission.
The terms of the three current directors, excluding Orchid Cellmark CEO and President Thomas Bologna and Chairman James Beery, are set to expire at the firm's 2010 annual stockholders meeting. The date for that meeting has not yet been scheduled, said Orchid Cellmark.
The company said in the SEC filing that it will review the notice and determine a course of action that will be in the best interest of all of its stockholders.
According to Accipiter's letter, which was attached to Orchid's SEC filing, if there are any remaining vacancies on Orchid's board or if the company increases the size of the board, ALS Fund expects that it has the right to nominate additional people for those spots.
The three nominees from ALS Fund include Eugene Davis, chairman and CEO of Pirinate Consulting Group; Gabe Hoffman, a managing member of Accipiter Capital Management; and Stefan Loren, a managing director of Westwicke Partners.
Last week, Orchid said that it had elected Bruce Dalziel to its board as a class II director, and that he will serve in that role in 2011.