Bioptix names new CEO, receives notice of noncompliance from Nasdaq

CASTLE ROCK — Bioptix Inc. (Nasdaq: BIOP) has a new CEO, with Michael M. Beeghley replacing Steve Lundy as CEO.

Lundy resigned from his role as president, CEO and member of the board of directors on April 6.

Beeghley will serve as chairman of the board, as well as CEO.

SPONSORED CONTENT

Select your Republic Services residential cart now!

In preparation for Republic Services becoming the primary provider of residential recycling, yard trimmings, and trash, residents should now select the best cart size and service schedule for their household needs.

“I want to recognize and thank Steve Lundy for all his efforts over the years,” Beeghley said in a prepared statement. “Bioptix continues to advance on strategic objectives to increase value for its shareholders. This is evidenced by recently announced activities and transactions. We will continue to focus on advancing these initiatives.”

Lundy received a separation package of 12 months of his base salary, which was $390,000 per year, as well as his existing health benefits until the anniversary of his termination or until he starts getting benefits from another employer.

On Thursday, Bioptix filed a notice with the U.S. Securities and Exchange Commission stating that it was notified by Nasdaq that it was not in compliance with listing rules.

To be in compliance, the Bioptix audit committee must have three independent directors. However, its appointment of Beeghley as CEO makes him no longer an independent director. Nasdaq said Bioptix has until October 2017 if its next annual shareholders meeting is before then, or by April 2018 at the latest.

Bioptix had been based in Boulder and was purchased by Castle Rock’s Venaxis.

Bioptix started filing its SEC documents with a Castle Rock address on March 31, when it filed its annual report.

Bioptix raised $2.3 million in a private placement last month and had been embroiled in a dispute with a disgruntled shareholder since the purchase by Vanaxis until several board members were forced off the board.