Woe­ful Ax­o­vant starts ax­ing staff, but de­part­ing CEO David Hung gets a $2.6M ex­it pack­age/bonus

When the high-pro­file biotech ex­ec David Hung signed on to helm Ax­o­vant $AX­ON back on April 10, the stock was still rid­ing high at $22 a share. On Wednes­day, a day af­ter Hung re­signed, the stock closed at $1.63 — which some might con­sid­er gen­er­ous giv­en that he and his team had just dropped out fol­low­ing the im­plo­sion of the biotech’s lead drug for Alzheimer’s and Parkin­son’s.

But just be­cause the com­pa­ny failed so woe­ful­ly — cap­ping the cat­a­stro­phe with a mis­cue on a neg­a­tive da­ta point — doesn’t mean that Hung will leave un­com­pen­sat­ed for his work.

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