Anyone have an explanation for Dr Smith's resignation? ...

My guess is that they were looking to open a board seat for the debenture deal they made with ORI Star Fund in Sep.  In that announcement, they said "In connection with the Debenture transaction, ORI is entitled to nominate a director to the Company’s Board of Directors."

Maybe Dr Smith was ready to leave anyway and there are some advantages to doing this before yearend.

Another possibility is that this may provide a spot for a partner BP to take a seat instead.

masila