Peter Hecht, Cyclerion CEO

Cy­cle­ri­on board quick­ly nix­es CEO Pe­ter Hecht's un­ortho­dox pitch for low cash re­serves

It’s been less than two months since Cy­cle­ri­on laid out a new R&D strat­e­gy around its lead drug in mi­to­chon­dr­i­al dis­eases, one that trig­gered the com­pa­ny to lay off close to half of its em­ploy­ees and ex­plore li­cens­ing deals for the rest of the pipeline. But CEO Pe­ter Hecht ap­par­ent­ly has oth­er plans in mind.

Hecht, who led Iron­wood for close to 20 years be­fore spin­ning out Cy­cle­ri­on, dis­closed in an SEC fil­ing Mon­day that a “new­ly-formed pri­vate com­pa­ny” that he “may have or may ac­quire an in­ter­est” sub­mit­ted a pro­pos­al to Cy­cle­ri­on the day pri­or to pur­chase Cy­cle­ri­on’s CNS as­sets, in­clud­ing CY6463 and CY3018 — the top two pro­grams list­ed in the pipeline.

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