2023-03-24 07:54:10 ET
- Stuart Peltz, Chief Executive of rare-disease-focused biotech PTC Therapeutics ( NASDAQ: PTCT ), announced Friday that he is leaving the company after 25 years of service, handing the reins to current Chief Operating Officer Matthew Klein with immediate effect.
- Dr. Peltz served as PTC ( PTCT ) CEO since its launch in 1998, leading its transformation from a research organization to a commercial-stage global biopharmaceutical company.
- Following his retirement, Dr. Peltz is expected to join PTC’s ( PTCT ) Scientific Advisory Board and serve as a Senior Consultant to the company.
- In addition to the CEO role, Dr. Klein will function as a board member of the company. He joined PTCT in 2019 after serving as CEO and Chief Medical Officer at BioElectron Technology Corporation, which the company acquired in 2019.
- Seeking Alpha contributor Avisol Capital Partners issued a Hold rating on PTC Therapeutics ( PTCT ) early this year, citing valuation, liquidity concerns, and the company’s overreliance on its Duchenne muscular dystrophy franchise as reasons for the decision.
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PTC Therapeutics announces retirement of CEO