Dr Baker joined SUDA as the CEO on January 2, 2020, and was tasked with driving the development of the business and will continue to look for new opportunities for the company going forwards.
The remuneration will remain unchanged.
“Key leadership qualities”
Following a handover period to Dr Baker, Paul Hopper will resume his role as non-executive chairman.
Hopper said: “Michael has demonstrated key leadership qualities and we are delighted to welcome Michael onto the board.”
Hopper’s remuneration will reduce from $150,000 to $80,000 per annum.
Cancer and insomnia treatments
SUDA is focused on developing a radically new, first-in-class approach to the treatment of cancer using the drug anagrelide.
The company is also continuing to progress its short-term insomnia treatment, ZolpiMist, for which it is expecting to hear an outcome from its TGA submission in the fourth quarter of 2020.
In addition, the company is developing products in conjunction with its partners, Sanofi (EPA:SAN), Strides Pharma Global, Laboratorios Ordesa, Zelira Therapeutics (ASX:ZLD) and Cann Pharmaceutical Australia.