A Medical Device Daily
Aran Laboratories (Chippewa Lake, Ohio), an allotropic oxygen R&D laboratory, reported accepting the resignations of Theodore Trikilis, executive VP, head of sales and chairman, and Stephen Trikilis, assistant VP and domestic sales director, and William McClellan, senior VP and head of research.
Aran said the move comes on the heels of Ted Trikilis' being prohibited access from company funds and representing the laboratory in business matters. In a statement, it said that his "suspected involvement in certain financial improprieties and corporate malfeasance related to the non-authorized use of investor capital for the benefit of holding company PIE International-related expenses and personal gain" is being investigated.
"This is a sad day for Aran Laboratories," said Conrad Mir, president/CEO of Aran. "It is unfortunate Ted's poor business decisions quite possibly compromised his fiduciary responsibility to our shareholders."
Ted and Stephen Trikilis and McClellan are board members of PIE International.