- The shares of clinical-stage biotech C4 Therapeutics ( NASDAQ: CCCC ) lost ~8% on Friday after announcing the resignation of Adam Crystal, who functioned as the company’s Chief Medical Officer for nearly four years.
- In a regulatory filing on Thursday after the market close, C4 ( CCCC ) said that on Jan. 30, Dr. Crystal informed his intention to resign to pursue an outside opportunity as the head of research and development.
- The resignation is set to take effect on Feb. 24, after which Dr. Crystal has agreed to an arrangement to provide consulting services for the company on an as-needed basis to ensure a smooth transition, C4 ( CCCC ) said.
- Dr. Crystal joined the company in February 2019 as Chief Medical Officer after a stint at Novartis ( NVS ) ( OTCPK:NVSEF ) Institutes for Biomedical Research, where he led several early-stage programs as Senior Director.
- In September, C4 ( CCCC ) received FDA clearance to start a Phase 1/2 trial for its oral solid tumor candidate CFT1946 by the 2022 year-end.
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C4 Therapeutics slips as medical chief departs