Lpath Inc. announced that Scott Pancoast has resigned as president, chief executive officer and a member of the board of directors effective Nov. 3. The board of directors has appointed biotechnology consultant Michael Lack as the company's interim chief executive officer while the board conducts a search for a new CEO.

"On behalf of the Lpath board of directors, I thank Scott for his leadership of Lpath as we've advanced our novel, lipid-targeted therapies in ophthalmology and oncology through early and mid-stage clinical trials,” said Daniel Petree, chairman of the board of director at Lpath. “We appreciate Scott's service and commitment to Lpath these past 16 years and wish him the best in his future endeavors. Mr. Lack immediately assumes the role of interim CEO and this transition is not expected to impact the progress of our Isonep and Asonep clinical trials, for which we expect important data read outs in 2015."

Pancoast served as the president and CEO of Lpath (NASDAQ: LPTN) since March 2005 and as a director of Lpath since 1998.

Lack has more than 15 years of experience serving in executive roles for companies in the biotechnology and technology industries. Lack currently serves as a member of the board of directors of Immunomic Therapeutics Inc., a clinical stage biotechnology company.

Since August 2012, Lack has served as a management consultant with Presteza Partners LLC, where he provides consulting services for small and medium-sized biotechnology and technology companies. He has served in interim executive positions with Traversa Therapeutics and Avera Pharmaceuticals, as well as a board member for ProSanos Corp., which was acquired by United BioSource Corp.