Tengion Inc. (NSDQ:TNGN) handed veteran med-tech executive John Miclot the keys to the corner office this week, following a tough third quarter that saw the resignation of former CEO Steven Nichtberger.
Nichtberger stepped down mid-August without official explanation.
The East Norriton, Pa.-based regenerative medicine company said Nichtberger’s departure was “not the result of a disagreement with the company ” in securities filings.
Tengion’s third quarter earnings release revealed heavy losses of $6.7 million in the three months ended Sept. 30, a 600 percent increase from the $960,000 lost during the same period last year. In addition, the company announced that it would cut more than half of its full-time employees, including two members of its executive team.
Miclot comes to the company with more than 25 years in the health care industry. He was most recently an executive-in-residence at Warburg Pincus, prior to which he was president and CEO of CCS Medical. He also spent 8 years at Respironics, where eventually took over as president and CEO and facilitated the company’s $5.1 billion acquisition by Royal Philips (NYSE:PHG).
Shares of Tengion stock were down 4 percent to 47 cents in early afternoon trading today.
Here’s the latest personnel changes from medical device, diagnostics and life science companies around the nation. For more recent hirings and firings, check out MassDevice’s compilation of the latest personnel moves.
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