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 CEO Bruce Given has been replaced by George Cole, the former COO.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