CEO, Clinical Chief Resign From Synergen
BOULDER, Colo. (AP) _ Jon S. Saxe has resigned as chief executive officer and president of Synergen Inc. because of differences over management philosophy, the company announced today.
In addition, Dr. Michael A. Catalano, vice president of clinical research, resigned, but agreed to remain on as a technical consultant, company officials said. The resignations were effective immediately.
The resignations come in wake of a study that showed disappointing results for Synergen’s sepsis-fighting drug, Antril.
Larry Soll, who co-founded Synergen, assumed the CEO duties while a team of four executive vice presidents was assigned the president’s duties. Robert C. Thompson, executive vice president, took over as vice president of clinical research.
In a statement, Soll said he plans to refocus the company’s priorities in clinical and preclinical research and discovery science.
Soll said the management team is evaluating the clinical programs and other operations to determine which should receive top priority and which should be deferred or canceled to conserve cash.
He said the company plans to implement measures to further reduce expenses, including some staff reductions and the elimination of planned capital expenditures.
Earlier this year, Synergen announced that the Phase III clinical trial results showed a higher-than-expected mortality rate for patients who received the highest dose of Antril. The news caused Synergen stock to plunge nearly 70 percent.
Synergen then said it would not file for Food and Drug Administration approval until after further testing is completed.
Saxe joined Synergen in 1989 after working for more than 20 years at Hoffmann-La Roche Inc.