Stuck on FDA hold, Regulus CEO hits the exit as reorganization slashes staff at the beleaguered biotech
With their lead drug stuck on a full clinical hold and no hope of relief before the end of this year — a year after it had initially forecast the end of its spell in purgatory — Regulus Therapeutics $RGLS is bidding goodbye to its CEO (again) and slashing staff.
After the market closed on Thursday the beleaguered company announced plans to cut its headcount by 30%, or approximately 30 staffers after it listed 97 employees at the end of 2016. CEO Paul Grint, who stepped up from the CMO’s job after founding CEO Kleanthis Xanthopoulos resigned in 2015, is leaving the company, with COO Jay Hagan replacing him at the helm.
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