Motif Bio PLC (LON:MTFB, Nasdaq:MTFB) has trimmed down its board to three directors as it looks to preserve capital while looking to sell its biotech assets or winding down the business and becoming a cash shell.

As of last Friday, non-executive directors Craig Albanese, Charlotta Ginman, Zaki Hosny, Mary Lake Polan and Andrew Powell all offered their resignations and stood down from the board with immediate effect.

“The resignations are in line with the proposals to minimise the company’s costs and to preserve capital,” Motif said. 

The AIM-listed company’s board is now made up of two executive directors, chief executive Graham Lumsden and chief financial officer Jonathan Gold, together with non-executive chairman Bruce Williams.

Last month, Motif shareholders voted to either wind the company down, or sell all or most of its existing business, assets and investments, which would result in it becoming a cash shell.