GI Dynamics (ASX:GID) said last week in a regulatory filing that it fired chief medical officer Dr. David Maggs “for cause.”
The Lexington, Mass.-based medical device company did not otherwise elaborate on the reason for Maggs’s departure, which was effective June 18, according to the filing.
Maggs joined GI Dynamics in April 2013 to oversee the clinical development of its EndoBarrier device, a gut liner designed to induce weight loss and help control diabetes in obese patients.
GID shares lost half their value earlier this year after the company revealed that the FDA halted enrollment in a U.S. clinical trial for EndoBarrier, after 4 patients developed bacterial infections known as hepatic abscesses. The company had already been struggling to overcome news late last year that European regulators had halted EndoBarrier sales there. Shipments resumed in December 2014 after the product’s labeling was modified to include certain prescribing restrictions, but GI Dynamics still laid off 10% of its workforce that month, including its longtime CFO.
CEO Stuart Randle stepped down in August 2014, succeeded by ex-ATS Medical chief Michael Dale.
In April of this year the company exercised a 1-for-10 reverse stock split to bolster its flagging stock price.
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