Curalogic's CEO and CFO resign
This article was originally published in Scrip
Executive Summary
Two top executives at the Danish pharmaceutical company Curalogic have resigned, as the company looks likely to go into liquidation. CEO Peter Moldt and CFO Helle Busck Fenavig will stay on until the company re-establishes a biotechnology pipeline or pays cash and cash equivalents back to shareholders, which is still expected to take place this year. Curalogic decided to stop developing its pipeline of oral immunotherapies this year. Last December top-line Phase III data showed that the dose of its ragweed allergy treatment was ineffective. The ragweed pollen extract reached the immune system, but the company could not determine why the dose was ineffective and finding the optimal formulation would require more research. Curalogic said that the development of its pipeline would be set back by several years and increase the risk profile. Subsequently, it planned to license in new, less risky products to replace its pipeline. An analyst told Scrip that the company was unlikely to find new products as it has failed to do so since the beginning of the year. He said that the company had not made a public announcement about going into liquidation, but this was the most likely scenario. The company was unavailable for comment.