Furiex names strategic development exec as new CFO

Sailash Patel is replacing Marshall Woodworth as chief financial officer at Morrisville-based Furiex Pharmaceuticals, the company says.

The change was announced Monday after the markets closed.

Furiex (NasdaqL FURX) said Woodworth was leaving the firm “to pursue other opportunities,” However, he will “remain with the company to assist” the transition, the firm added.

Patel had served as vice president of strategic development at Furiex. He transitioned to Furiex when that company was spun off from Wilmington-based PPD in 2010.

“Sailash has been instrumental in constructing Furiex’s portfolio and the company’s successful spin-off from PPD,” said Fred Eshelman, chairman of Furiex, in a statement. “His broad-based experience as a finance professional and operational management gives him a solid platform to continue the company’s focus on managing its finances and driving shareholder value.”

At PPD, Patel was vice president of strategic development.

Patel earned an MBA at UNC-Chapel Hill and a pharmacy degree at the University of Nottingham in the U.K.