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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