Weeks in­to first ap­proval, Cara waves good­bye to found­ing CEO in fa­vor of board mem­ber

A biotech’s first drug ap­proval is a process of­ten years in the mak­ing and a crown­ing achieve­ment for founder-CEOs who have run the race from the be­gin­ning. Af­ter 17 years watch­ing Cara Ther­a­peu­tics grow to a com­mer­cial brand, this biotech’s found­ing CEO is now ready to move on to his next phase.

Cara has ap­point­ed Christo­pher Pos­ner, a cur­rent board mem­ber and for­mer CEO of Leo Phar­ma’s US branch, as its next leader, re­plac­ing found­ing CEO Derek Chalmers, the com­pa­ny said Wednes­day. Chalmers will move over in­to a se­nior ad­vi­so­ry role, with Pos­ner set to take on the man­tle Nov. 9.

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