Encysive CEO departs as pink slips fly
Just days after the FDA turned thumb's down on its experimental therapy for pulmonary arterial hypertension, Encysive announced that its CEO has departed and the company plans to axe 150 jobs--70 percent of its work force. Those jobs are all in marketing and research in the U.S., but the company is leaving staff in place that is commercializing the drug in Europe, Canada and Australia. CEO Bruce Given has been replaced by George Cole, the former COO. No new COO will be hired. The FDA announced on June 15 that Thelin didn't meet the agency's standards for approval. To make matters worse, Gilead received FDA approval for another lung disease therapy on the same day Encysive was rejected.
- see the release
- here's the AP report on Encysive's restructuring
Related Articles:
Encysive shares sink on third approvable letter. Report
Encysive shares dive after second approvable letter. Report
Encysive takes beating on Thelin delay. Report
Be the first to comment
Comments
By Anonymous | Posted 2:12pm | June 26, 2007
Hmm, seems like our FDA is out to destroy another small biotech.
Approved in Europe, Australia, and Candada and our FDA thinks it is not good enough for us.
It is a shame the PAH patients will not have access to this drug in the US unless they travel to Canada.
Post new comment
Paid Research Reports
- RNA therapy: the next big thing after monoclonal antibodies?
- Biotech M&A Strategies: Deal assessments, trends and future prospects
- The Dermatology Market Outlook to 2013: Competitive landscape, pipeline analysis and growth opportunities
- Pipeline Insight: Cancer Overview - Breast, Gynecological, Genitourinary - Diverse drugs approaching the market for many tumor t
- Sales Force Effectiveness
