KaloBios appoints David Tousley as interim CFO
KaloBios Pharmaceuticals appointed David L.Tousley as interim Chief Financial Officer of the Company, effective on October 14. Mr. Tousley replaces Dean "Kip" Witter III, who effective as of Mr. Tousley's appointment, has ceased to serve as the Company's interim Chief Financial Officer. Mr. Tousley has served as an independent consultant to the Company since May 2016. Prior to his work with the Company, Mr. Tousley served as acting Chief Financial Officer and then Executive Vice President and Chief Financial Officer of oncology-focused pharmaceutical company DARA Biosciences from March 2012 through DARA's acquisition by Midatech Pharma in December 2015, and as Executive Vice President and Chief Financial Officer of DARA's successor Midatech Pharma US Inc. from December 2015 through March 2016. Mr. Tousley will provide services to the Company as interim Chief Financial Officer pursuant to a Master Consulting Agreement, dated May 24, 2016, between Mr. Tousley and the Company. Pursuant to the Consulting Agreement, the Company has agreed to pay Mr. Tousley a fee of $225 per hour for his services and to reimburse Mr. Tousley for reasonable and necessary travel and out-of-pocket expenses. The Master Consulting Agreement may be terminated by either party upon 30 days written notice.