After just 10 months at the helm, Axovant's CEO David Hung, MD, resigned Monday to "pursue other opportunities." In addition, Axovant's president and COO Marion McCourt and three board members also stepped down.
Here are five things to know.
1. The departures come after the company saw disappointing results from its lead Alzheimer's drug intepirdine. Early last month, Axovant, a subsidiary of Roivant Sciences, terminated development and a late-stage trial of its lead Alzheimer's drug intepirdine. The trial was terminated after research suggested in some cases it worsened dementia symptoms compared with a placebo.
2. When Dr. Hung was appointed to the CEO role in April 2017, he was a highly sought-after leader because he sold cancer biotech company Medivation to Pfizer for $14.3 billion.
3. Although he resigned from his CEO role, he will remain part of the Roivant Sciences' team as a scientific advisor.
4. The three directors who left the board were Kate Falberg, Tony Vernon and Patrick Machado.
5. Pavan Cheruvu, MD, who joined Roivant Sciences in 2015 as the chief of staff and was later appointed to chief people officer in 2017, will replace Dr. Hung as CEO of Axovant.