AGTC - Applied Genetic trades lower after announcing the departure of chief scientific officer

Applied Genetic Technologies (AGTC) has lost ~4.9% in post-market trading after announcing the resignation of its chief scientific officer Mark Shearman.Shearman is leaving to ‘pursue another opportunity,’ and will remain with the company through June 4, 2021, to support a smooth transition, Applied Genetic said in a statement.Dr. Matthew Feinsod, executive VP of Global Strategy and Development is likely to take over Dr. Shearman’s responsibilities.The company has already hired a recruiting firm as it intends to expand its leadership team in preparation for the upcoming late-stage development and commercialization of its pipeline.“Mark successfully led the advancement of our pipeline” said Sue Washer, CEO of Applied Genetic.“Our focus now spans development stages from the Phase 2/3 clinical program in XLRP, Phase 1/2 clinical programs in ACHM to IND enabling studies for promising product candidates in CNS, Otology and Ophthalmology.”In January, Applied Genetic announced preliminary results from ACHMB3 and ACHMA3 trials involving patients with achromatopsia.

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Applied Genetic trades lower after announcing the departure of chief scientific officer