Eliot Forster
Protalix BioTherapeuticsAbout Eliot Richard Forster, Ph.D.
Eliot Richard Forster is 59 and has served as Chairman of Protalix BioTherapeutics’ Board since September 2023; he is classified as an independent director under NYSE American rules and serves on the Nominating Committee . He holds a B.Sc. (Hons) and Ph.D. from the University of Liverpool and an MBA from Henley Management College; he is an Honorary Visiting Professor at the University of Liverpool and University of Pavia . Forster’s background spans CEO roles at multiple biotech companies and senior positions at Pfizer and Glaxo/GlaxoWellcome, with global industry relationships across the U.S., EU, and Asia; the board specifically cites his leadership credentials for chairmanship .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| F-Star Therapeutics Ltd. (NASDAQ:FSTX) | Chief Executive Officer | Sep 2018 – Mar 2023 (sale to invoX Ltd.) | Led company to sale in Mar 2023 |
| Immunocure Ltd. | Chief Executive Officer | Jan 2015 – Feb 2018 | Leadership of private life sciences company |
| Creabilis SA | Chief Executive Officer | May 2010 – Jan 2015 | Leadership of private life sciences company |
| Solace Pharmaceuticals Inc. | President & CEO | May 2007 – May 2010 | Leadership of private life sciences company |
| Pfizer Global Research & Development | Various positions | Earlier career (dates not specified) | R&D leadership experience |
| Glaxo/GlaxoWellcome | Various positions | Earlier career (dates not specified) | R&D leadership experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Levicept Ltd. (private, UK) | Chief Executive Officer | Since Nov 2023 | Biotechnology company |
| Immatics NV (NASDAQ:IMTX) | Non-Executive Director | Since Sep 2020 | Public company directorship |
| Ochre Bio Ltd. (private, UK) | Non-Executive Chairman | Since May 2023 | Private biotech |
| Tessellate BIO NV (private, Netherlands) | Non-Executive Chairman | Since Sep 2023 | Private biotech |
| Granite Bio AG (private, Switzerland) | Non-Executive Chairman | Since Dec 2024 | Private biotech |
| Avacta Group PLC (AIM:AVCT) | Non-Executive Chairman | Jun 2018 – Jun 2024 | Public company chair role |
Board Governance
- Structure and independence: The Chairman role is separated from the CEO; the board determined Forster and a majority of directors are independent under NYSE American and SEC rules .
- Committee assignments: Forster is a member of the Nominating Committee; he is not listed as a member of the Audit & Finance or Compensation Committees .
- Meetings and attendance: In 2024, the board met 6 times; Audit & Finance met 4 times; Compensation met 3 times; the Nominating Committee did not meet; all directors serving in 2024 attended at least 75% of board and committee meetings, and Forster attended the 2024 annual meeting .
- Risk oversight: Board oversees enterprise risk; Audit & Finance oversees financial/internal control risks; Compensation Committee oversees risks implicated by executive compensation .
Fixed Compensation
| Component | Detail | Amount/Terms |
|---|---|---|
| Annual Chairman fee (cash) | Payable quarterly | $70,000 for 2024 |
| 2023 appointment fee (cash) | Annual fee as Chairman | $70,000 per year, payable quarterly (ongoing) |
| Expenses/Indemnification | Standard reimbursement; indemnification; D&O insurance coverage | As disclosed |
Performance Compensation
| Award Type | Grant Date | Shares/Units | Vesting | Term | Exercise Price | Change-of-Control Treatment |
|---|---|---|---|---|---|---|
| Stock option | Not explicitly dated; granted in connection with Sep 14, 2023 appointment | 85,715 options | 12 equal quarterly installments over 3 years (time-based) | 10 years | Equal to closing sales price on NYSE American for trading day immediately preceding grant | Full acceleration upon Corporate Transaction or Change in Control under the Plan |
No director performance metrics (e.g., TSR, revenue/EBITDA targets) are disclosed for Forster’s compensation; 2024 director equity awards table shows no new option or stock awards for Forster .
Other Directorships & Interlocks
| Company | Relationship | Potential Interlock/Transaction |
|---|---|---|
| Immatics NV (NASDAQ:IMTX) | Non-Executive Director | Public company board role (no PLX transaction disclosed) |
| Avacta Group PLC (AIM:AVCT) | Former Non-Executive Chairman | Public company (no PLX transaction disclosed) |
| Ochre Bio Ltd.; Tessellate BIO NV; Granite Bio AG | Non-Executive Chairman | Private biotech boards (no PLX transactions disclosed) |
| Catenion GmbH | Board nominee (Christian Elze) is founder/Senior Partner Emeritus | PLX engaged Catenion for ~$1.4M consulting in 2023–2024; related-party exposure pertains to Elze, not Forster |
Expertise & Qualifications
- Academic credentials: B.Sc. (Hons), Ph.D. (University of Liverpool); MBA (Henley Management College); Honorary Visiting Professor at the University of Liverpool and University of Pavia .
- Industry experience: Multiple CEO roles in biotech; senior roles at Pfizer and Glaxo/GlaxoWellcome; board cites deep cross-regional industry relationships and leadership track record as rationale for chairmanship .
Equity Ownership
| As of April 30, 2025 | Beneficial Ownership (shares) | % of Class | Vested vs. Unvested Breakdown |
|---|---|---|---|
| Eliot Richard Forster, Ph.D. | 50,000 (options exercisable within 60 days) | <1% | 50,000 exercisable within 60 days; 35,715 unvested options not vesting within 60 days |
PLX Insider Trading and Blackout Policy prohibits pledging, hedging, short sales, and derivative transactions in company securities, supporting alignment safeguards .
Governance Assessment
-
Strengths:
- Independence and separation of Chair/CEO roles; board explicitly affirms Forster’s independence and cites his industry leadership as rationale for chairmanship .
- Anti-hedging/pledging policy covering directors reduces misalignment risk .
- Shareholder support: Forster received 22,376,809 “For” votes and 1,936,651 “Withheld” at the 2025 AGM, indicating strong backing; say-on-pay passed 16,440,449 “For” vs 7,488,809 “Against” .
-
Weaknesses / RED FLAGS:
- Nominating Committee did not meet in 2024, which may indicate lower committee engagement despite ongoing board composition considerations; Forster is a member of this committee .
- Limited direct equity ownership: Beneficial ownership consists of options (50,000 exercisable; 35,715 unvested), with no disclosed common shares held; alignment relies on time-based option vesting rather than performance-linked equity .
- Related-party exposure at board level: PLX paid ~$1.4M to Catenion in 2023–2024; while not involving Forster, the new director nominee’s association presents a governance sensitivity and requires continued Audit & Finance Committee oversight .
-
Overall: Forster’s chairmanship adds seasoned biotech leadership and international connectivity; independence and policy safeguards are positive. Investors may scrutinize committee engagement (Nominating activity) and ownership alignment given the absence of performance-conditioned director equity and limited direct share ownership .