Cytogen says that CEO Michael Becker has handed in his walking papers in order to "pursue another executive position." It appears that there's been a lot of job hunting at the biotech lately, as Cytogen also announced that its general counsel has also resigned to pursue another general counsel position. The two departures, says the company, are unrelated. Kevin Lokay, a longtime board member who had been vice president and business unit head, oncology and acute care business unit at GlaxoSmithKline Pharmaceuticals, was rolled out as his replacement.
Just a week ago Cytogen told analysts that the company was hiring an investment firm to examine its "strategic alternatives." Those alternatives--designed to satisfy the never-ending pursuit of maximizing shareholder value--ranged from licensing new products to selling the company or merging.
- check out the release from Cytogen
- here's the AFX report on the defections