Techniclone Execs Quit; New Ones Sought Soon

Techniclone Corp., a Tustin biopharmaceutical company, said Thursday that its top three officials--Chairman Thomas R. Testman, Chief Executive Larry D. Bymaster and Chief Financial Officer Steven C. Burke--resigned to “pursue other personal and business interests.”

William Shepherd, a member of the board of directors, was named to replace Testman. John N. Bonfiglio, vice president of technology and business development, was named interim president. The company said it will name a permanent CEO and an interim or permanent finance chief “as soon as practicable.”

Joining the board are Eric Swartz, a principal at Dunwoody Brokerage Services Inc., and Carl Johnson, Dunwoody’s securities counsel. Dunwoody has proposed arranging a $5-million temporary loan to Techniclone over the next three to five weeks, and Swartz Private Equity LLC, an investment fund run by Swartz, has agreed to provide $35 million in financing in exchange for Techniclone stock. Both deals are pending.

Techniclone, which is working on treatments for cancer, has lost $64.5 million over the past three years. Its stock gained 28 cents Thursday, to 65 cents a share.