Corautus Genetics will replace its chief executive officer, chief financial officer and reduce staff in the wake of the failure of the company’s proposed vascular drug disease.
Corautus (NASDAQ: VEGF) has decided not to attempt any further clinical trials of the drug known as VEGF-2 after it failed to meet endpoints set for the trial. The company will now focus on the acquisition or in-licensing of other products.
As part of its restructuring, Corautus said CEO Richard Otto and CFO Robert Atwood would leave the company as of Dec. 31 but will remain on the board. The company will search for a new CEO.
Corautus also said its chief science officer, vice president of business development and vice president for clinical and regulatory affairs also would be “terminated” before Dec. 31.