SiliconBeat

AP Pharma, the Redwood City pharmaceutical company developing drug-delivery technology, named its largest shareholder to its board of directors effective Sunday. His appointment expands the company’s board size to eight members.

Tang’s investment firm, San Diego-based Tang Capital Management, last reported holding 7.8 million shares of AP Pharma, or about a quarter of all its shares outstanding. The next largest stakeholder at 8 percent is New York’s Baker Brothers,who manage the health-care   investments of the Tisch Family.

Tang previously served as managing director of life sciences research group of Deutsche Banc Alex Brown, where he worked from 1003 to 2001.

In October, AP Pharma’s board voted to raise the threshold amount of shares needed to be acquired before the triggering of its shareholder rights plan from 20 to 30 percent.

In November the company went into survival mode by rationing its resources, laying off employees, and cutting back development plans.