Collexis loses board member


Struggling Columbia technology company Collexis Holdings is down to six directors following the resignation of Mark Auerbach last month.

Auerbach, a director since June 2007,  resigned effective Aug. 19, according to information filed with the US Securities and Exchange Commission.

Auerbach, a certified public accountant, chaired and served on the board’s audit committee, and in 2009 became a member of the compensation committee.  

According to the filing “Auerbach has no disagreements with management, the board or the company’s independent registered public accountants but wishes to devote more of his time to other personal pursuits.”

Collexis has lost more than $16 million since the middle of 2007 and its stock is trading for around 4 cents a share. Auerbach’s departure cannot bode well for company.

From 1993 to 2005, Auerbach served as chief financial officer of Central Lewmar LLC, a national fine paper distributor and as of earlier this year was a director for Optimer Pharmaceuticals and chairman for Neuro Hitech.

From September 2003 through October 2006, he served as executive chairman of the board for Par Pharmaceutical Companies, Inc.

In addition, Auerbach has also served on the boards of several small cap companies over the past 20 years.

According to information filed last year, Auerbach and his wife Susan controlled or had options for more than 1.2 million shares of Collexis’ stock. Of that, 966,667 shares were owned by Susan Auerbach, according to the SEC filing.

The company’s remaining board members are Bill Kirkland, Mark S. Germain, Frank C. Carlucci, John D. Macomber, John J. Regazzi and Dr. Andrew Sorensen

In August 2008, Sorenson, the former president of the University of South Carolina, was named to the board, a month after Peter Van Praag resigned.

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