The bear mar­ket struck again Thurs­day morn­ing as a New Jer­sey-based an­ti­fun­gal biotech re­port­ed a sig­nif­i­cant shift in op­er­a­tions.

CorMedix will be shak­ing up much of its C-suite and halt­ing op­er­a­tions in Eu­rope, the com­pa­ny an­nounced, as it looks to re­bound from a March 2021 CRL. The com­pa­ny had re-filed its ap­pli­ca­tion about six weeks ago but the changes high­light the new di­rec­tion as it pre­pares to meet the FDA once again.

The most promi­nent change comes at the top: Joe Todis­co of­fi­cial­ly start­ed his CEO tenure Tues­day, fol­low­ing the an­nounce­ment of his ap­point­ment back in March. Tom Nus­bick­el, mean­while, will step down from his role as chief com­mer­cial of­fi­cer in a mu­tu­al part­ing of ways, CorMedix said.

Ad­di­tion­al­ly, as CorMedix winds down its Eu­ro­pean busi­ness, it will al­so dis­con­tin­ue the dis­tri­b­u­tion of Neu­trolin, used to pre­vent catheter-re­lat­ed blood in­fec­tions. Neu­trolin is the com­pa­ny’s on­ly ap­proved prod­uct and is on­ly ap­proved in Eu­rope.

The new fo­cus, at least in the short term, will be se­cur­ing ap­proval of the de­vice in the US, where it’s known as De­fen­Cath. Oth­er hires and pro­mo­tions in­clude a new ex­ec­u­tive VP of clin­i­cal op­er­a­tions, a se­nior VP and head of glob­al qual­i­ty and a VP of sup­ply chain.

“I am ex­cit­ed to be­gin my tenure this week at CorMedix,” Todis­co said in a state­ment. “The new hires we an­nounced add sig­nif­i­cant ex­per­tise in qual­i­ty, man­u­fac­tur­ing and sup­ply chain, and join a high­ly skilled team of pro­fes­sion­als who I have had the priv­i­lege of get­ting to know over the past sev­er­al weeks.”

Todis­co’s new role comes af­ter CorMedix’s for­mer CEO, Khoso Baluch, re­tired last Oc­to­ber af­ter more than five years run­ning the show. Baluch hung it up about a month af­ter de­lays at a con­tract man­u­fac­tur­er led to the re­sub­mis­sion of De­fen­Cath’s NDA.

CorMedix had pre­vi­ous­ly said it has sched­uled a new in­spec­tion and be­lieves it will sat­is­fy reg­u­la­tor con­cerns once they re­view the new pitch.

The biotech is far from the on­ly com­pa­ny to change up its C-suite in re­cent months as the mar­ket down­turn af­fects more and more com­pa­nies. The XBI, the com­pos­ite mea­sure­ment of the biotech sec­tor, was down an­oth­er sev­er­al per­cent­age points Wednes­day, but is up about 3% in Thurs­day’s ear­ly ses­sion.

Zoom can only go so far. And I think at this stage, we’ve all tested the limits of staying in touch — virtually. So I’m particularly happy now that we’ve revved up the travel machine to point myself to London for the first time in several years.

Whatever events we have lined up, we’ve always built in plenty of opportunities for all of us to get together and talk. For London, live, I plan to be right out front, meeting with and chatting with the small crowd of biopharma people we are hosting on October 12 at Silicon Valley Bank’s London headquarters. And there’s a lengthy mixer at the end I’m most looking forward to, with several networking openings between sessions.

Carolyn Bertozzi, predicted by some to become a Nobel laureate, clinched one of the world’s top awards in the wee hours of Wednesday, winning the Nobel Prize in Chemistry alongside a repeat winner and a Copenhagen researcher.

The Stanford professor, Morten Meldal of University of Copenhagen and 2001-awardee K. Barry Sharpless of Scripps shared the prize equally. The Nobel is sometimes split in quarters and/or halves.

Takeda on Tuesday morning made an announcement that almost 3,000 people with the rare disease known as hypoparathyroidism were fearing.

Due to unresolved supply issues and manufacturing woes, Takeda said it will cut its losses and discontinue its hypoparathyroidism drug, known as Natpara (parathyroid hormone), halting all manufacturing of the drug by the end of 2024, but the entire inventory will be available until depleted or expired, a company spokesperson said via email.