This ran in the Boston Globe today, thought you might be interested. No new information however:
ImmuLogic CEO-president,
financial chief both resign: Latest
blow in touch year for biotech
firm
By Ronald Rosenberg Globe Staff, 12/06/96
ImmuLogic Pharmaceutical Corp. of Waltham said
yesterday both its president and chief executive and its
chief financial officer have resigned.
Dr. Robert J. Gerety, president and chief executive,
reportedly quit because of differences with ImmuLogic's
board of directors, which is led by chairman and founder
Malcolm L. Gefter.
Richard N. Small, chief financial officer and a member of
the ImmuLogic team for 5 1/2 years, will become senior
vice president and chief financial officer at Immune
Therapeutics Inc., a Cambridge-based startup.
Gerety and Small were both unavailable for comment late
yesterday.
Shares of ImmuLogic slid 1 5/8 to close at 7 7/8 in heavy
Nasdaq trading.
ImmuLogic currently is developing allergy treatments and
a vaccine to treat cocaine abuse.
Under Gefter, the company has lost some of its top
management in recent years, including Gerety's
predecessor Richard Bagley and the vice presidents of
regulatory affairs, discovery research, and marketing and
business development. In March, ImmuLogic also lost its
largest corporate partner, Hoechst Marion Rousell,
which was expected to market the company's Allervax
line of cat and ragweed allergy treatment upon US Food
and Drug Administration approval. And while the
company still has more than $60 million in cash and
investments, it continues to lose large sums of money as it
completes the Allervax clinical trial program without a
corporate partner.
ImmuLogic said Joseph Marr, the company's executive
vice president of research and development and chief
scientific officer since July, was named acting president
and chief executive.
``I'm somewhat disappointed he [Gerety] left the
company,'' said Timothy Wilson, an analyst at UBS
Securities, who yesterday lowered his rating of
ImmuLogic from ``buy'' to ``hold.'' |
