Achillion Says Chief Medical Officer Is Resigning

From Associated Press (June 6, 2012)

NEW HAVEN, Conn. -- Hepatitis C drug maker Achillion Pharmaceuticals Inc. said Wednesday that Chief Medical Officer Elizabeth Olek is leaving the company, but did not say why. The company’s shares dove in aftermarket trading.

The company said Olek’s resignation is effective June 18. She has worked at Achillion since December 2007.

Achillion is studying a series of experimental hepatitis C drugs, four of which are in clinical testing. The company said Milind Deshpande, the company’s chief scientific officer, will now be responsible for oversight of the drugs’ clinical trials. Deshpande has been with Achillion since 2001 has been in charge of research and development since June 2007.

Shares of Achillion gained 18 cents, or 2.9 percent, to close at $6.47 on Wednesday. They lost 47 cents, or 7.3 percent, to $6 in electronic trading after the New Haven, Conn., company announced Olek’s resignation.

The stock has lost about 35 percent over the past three months.


 

Posted: June 2012


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