Turing Pharmaceuticals AG Announces Restructuring to Better Align Resources with the Company's priorities
December 22, 2015 06:33 PM Eastern Standard Time
ZUG, Switzerland--(BUSINESS WIRE)--Turing Pharmaceuticals, AG a privately held biopharmaceutical company focused on commercializing and developing innovative treatments for rare and neglected diseases and conditions, today announced staff changes and plans for future leadership.
The company has realigned its business priorities and has taken actions to streamline its operations including a reduction in workforce in order to put the company on a stronger path to growth. By doing so, Turing is better poised to focus on its most promising research and development programs and commercial assets. These changes are consistent with the company's strategy of delivering value for shareholders today and in the future.
"Turing was founded to be innovative and entrepreneurial in bringing important new therapies to patient populations that are currently underserved," said Ron Tilles, interim CEO and Chairman of the Board. "These staff changes put us in the best position to continue executing on our long-term plan."
In addition, the company announced it has launched the search for a permanent CEO with strong experience in the pharmaceutical sector and plans to expand its board to include new, independent members.
Mr. Tilles was appointed to the position of interim CEO last week. Mr. Tilles began his career at Merrill Lynch in 1985 and subsequently worked with several other securities firms. Mr. Tilles has invested in numerous startups in the pharmaceutical, medical device and enterprise software industries over the past 20 years. He is on the board of privately held SmartKargo, an enterprise software company based in Boston, MA, and has a significant investment in Coagusense, a medical device company based in Fremont, CA (coagusense.com). He earned his undergraduate degree from Middlebury College in Vermont and his Masters of Business Administration from Columbia University in New York.
Turing's leadership team also includes: Dr. Eliseo Salinas, President of Research and Development, Chief Commercial Officer Nancy Retzlaff and Patrick Crutcher, Head of Business Development.
"Though this has been a period of leadership transition for Turing, I am confident that the fundamental business model remains strong" said Mr.Tilles.
Ed Painter, 646-356-5617