Some changes, such as today’s announced departure of now former CEO Gary Rabin (see my 2013 interview with him here), are already in the public domain, but other big developments are likely based on private conversations.
ACT’s CFO and executive VP, Edward Myles, will serve as interim president during a search to replace Rabin, according to WBJournal.
Miles is quoted as follows:
“I look forward to working closely with our board of directors, executive team, and all of our employees and partners to achieve our corporate objectives,” said Mr. Myles. “Our core programs, the ongoing Phase I clinical trials for dry-Age Related Macular Degeneration (AMD) and Stargardt’s Macular Degeneration (SMD), continue to progress according to plan and we expect to release interim, top line data from the trials in the very near future.”
More data coming out is a good thing.
Update (hat tip to commenter Brad): A probable reason for Rabin’s exit seems to be related to an SEC investigation of possible improper transaction disclosures.
It is also notable that it was announced about a month ago that the company had settled a civil SEC action from stock issues from years ago with a payment of more than $4 million. It’s good to put that in the past.
In addition, rumors are now flying that this year ACT may receive the coveted “breakthrough status” for a product (its hESC-derived RPE product for macular degeneration) from the FDA.
The stock is up 4% today.
Recently I have been contacted by folks who think that quite a lot of other important developments are at play for the company at the moment as well. Stay tuned. I think 2014 will overall be a good year for the company.
Disclosure: this blog is not intended as financial or medical advice. All financial decisions such as stock-related choices should be made with a qualified financial planner, not based on a blog.