Maria Fardis, Iovance CEO (file photo)

Hours af­ter an­oth­er FDA de­lay, Io­vance CEO re­signs — shares plum­met

Here’s a good way to alarm in­vestors: an­nounce that the ap­pli­ca­tion for ap­proval would be de­layed by an­oth­er year and then, less than 20 hours lat­er, qui­et­ly dis­close that your CEO of 5 years is abrupt­ly de­part­ing.

Io­vance re­vealed in an SEC fil­ing Wednes­day morn­ing that CEO Maria Fardis had in­formed the board yes­ter­day that she would re­sign from the com­pa­ny “to pur­sue oth­er op­por­tu­ni­ties.” The com­pa­ny did not have a re­place­ment lined up, but said they will be­gin a search “im­me­di­ate­ly” while gen­er­al coun­sel Fred­er­ick Vogt stepped up as in­ter­im chief.

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