Richard Eisenstadt, chief financial officer at Tranzyme Pharma, is stepping down in January for another job, the RTP-based drug firm says.
Tranzyme (Nasdaq: TZYM) stock has fallen well below a dollar in value after the failure of a key drug failure. Shares closed at 71 cents on Wednesday.
Eisenstadt has resigned effective Jan. 4 to “pursue a new career opportunity,” Tranzyme announced Wednesday after the markets closed.
“On behalf of the entire team at Tranzyme Pharma, I would like to thank Rich for his many years of hard work and dedication at the Company during his tenure as CFO. Since joining Tranzyme in 2003, Rich has been a valuable member of our executive team. We wish him the best in his future endeavor,” said Vipin Garg, Tranzyme’s chief executive officer.
Rhonda Stanley, Tranzyyme’s controller, will assume additional duties as principal financial officer and principal accounting officer, the company said.
Shares in Tranzyme plunged Nov. 15 after the company announced failure of a drug that it hoped would treat diabetics suffering from gastroparesis, or trouble digesting food.
Tranzyme disclosed the failure of its TZP-102 compound in one of two Phase 2 clinical trials before the markets opened that day. Shares closed at 95 cents from the previous close of $3.97.
The failure is the second this year for Tranzyme.
Tranzyme recently raised $10 million through a stock offering.
Tranzyme is a late-stage biopharmaceutical company focused on discovering, developing and commercializing novel, mechanism-based therapeutics for the treatment of upper gastrointestinal motility disorders.
