Harvard Apparatus Regenerative Technology (NSDQ:HART) said chairman, president & CEO David Green agreed to bow out but remain on the board as the company seeks a leader with experience in clinical trials and product launches.
Green will be replaced as chairman by board member John Kennedy and as chief executive on an interim basis by CFO Tom McNaughton, HART said.
"My fellow board members and I concluded that the time was right to bring in a new CEO who has experience in guiding a biotechnology company through clinical trials and product launches," Green said in prepared remarks. "I look forward to helping the company navigate through this transition and its ongoing product development efforts as a member of the board."
"We believe that this transition represents our best path forward as the company continues its progression from pre-clinical efforts towards clinical development and commercialization. David Green led the company since its origin as a bioreactor company to its current position as a biologics company. We are pleased that David will continue his service as a member of the board of directors. We have great confidence that Tom McNaughton will provide the leadership necessary to drive the Company’s preclinical efforts forward on schedule during this transition period. Tom played a key role in forming HART’s business and structuring its spin-off from its former parent company, and he has provided strong leadership to the Company’s team since the spin-off in all areas of the Company’s operations," Kennedy added.
McNaughton said the company is on track to hit its timeline for pre-clinical work and clinical trial applications for the HART artificial trachea in the U.S. and Europe.
"Our senior management team is singly committed to our operating plan to advance the HART trachea toward those ends, and I don’t expect this change in roles to slow our progress going forward. Additionally, we are enthused about our collaboration on esophagus development with Mayo Clinic. We will remain intensely committed to that program, as well," he said.
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