WINSTON-Pilot Therapeutics, the startup pharmaceutical firm that bolted the Triad for incentives from South Carolina, is going through a management shakeup as it tries to restart the business.
The company’s stock (PLTTK) traded at 6 cents on Friday.
Thomas Glennon is the new chief executive officer, and Terrance Little takes over as chairman, Pilot said in a press release. Both were also named to Pilot’s board.
Glennon is chairman and Little is CEO of True North Partners, a New York consulting firm. Pilot recently retained TNP “as part of a plan to revitalize Pilot,” the company said. TNP has worked with a variety of life sciences and multi-national companies.
Pilot accepted $10 million in incentives from the state of South Carolina in a bidding war for its headquarters and manufacturing plant in 2002. North Carolina attempted to keep the firm from moving but did not match the scale of the offer made by South Carolina. Pilot chose to relocate near Charleston and has reported a variety of financial struggles.
The company shut down its South Carolina operations earlier this year due to continuing losses.
Glennon replaces Floyd Chilton, a former director of molecular medicine at Wake Forest University, as CEO. Chilton remains the firm’s chief science officer, The Winston-Salem Journal reported.
Little has worked with The Equitable Financial Companies, the Global AXA Group and the Loring Company, a Wall Street-based consulting firm. He also is a former journalist.
Glennon has been chairman and CEO of G.B. Holdings, a North Carolina-based hospitality and real estate company, and has worked with several other life science firms as a director.
Steven Greenberg, chief financial officer of TNP, was named CFO of Pilot as part of the management shakeup.
Pilot focuses on development of medical foods and botanical drugs designed to provide safer, gentler therapies in the management of inflammatory diseases. Its lead product is Airozin, an over-the-counter treatment for asthma.