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Axovant Sciences shares drop 20% on news of CEO and COO departures

The biotech firm said chief executive David Hung, and COO Marion McCourt were leaving the company to pursue other opportunities
Declining Stock Graph
Axovant added that Pavan Cheruvu has joined the company as its CEO

Shares in Axovant Sciences Ltd. (NASDAQ:AXON) dropped 20% in early trading on Monday after the company said its chief executive, David Hung, and COO Marion McCourt were leaving the company to pursue other opportunities.

The biotech company, which specializes in developing treatments for life-threatening neurological conditions, also said three of its directors, Kate Falberg, Tony Vernon and Patrick Machadoa have also resigned as members of the board.

New line-up

It added that Pavan Cheruvu has joined the company as CEO, while former president and co-CEO of United Therapeutics, Roger Jeffs, and former CFO of Novartis Pharma, George Bickerstaff, have all joined the board of directors.

The group said Hung will remain as a scientific advisor to the company

After half an hour of trading in New York, Axovant’s shares were down 20.4% at US$1.52.



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