A Medical Device Daily

CLX Medical (Murrieta, California) reported the resignation of its president/CEO and two of its board members in anticipation of the company pursuing an acquisition to become the focus of its future operations.

The board accepted the resignation of Steven Peacock, president/CEO, effective July 20. On July 22, the board appointed Bob McCoy, a director, to fill the positions of interim president/CEO. Also on July 22, Jim Bickel and Pat Edgerton resigned as members of the board. McCoy is now the sole officer and director of the company.

CLX said the management changes were undertaken in order to prepare the company for the process of an acquisition transaction. As part of that process, new management will be appointed to fill the vacated officer and director positions, the company said.

"I would first like to thank the members of management who have resigned for their service to the company," McCoy said. "While the company's previous business model did not prove to be sustainable given current market conditions, the officers and board members did all they could to advance the company during their respective tenures. As the company moves forward with its acquisition strategy, we will provide information for shareholders as soon and as frequently as possible."