Axovant falls as CEO, president depart

Axovant Sciences Ltd. (NASDAQ:AXON) fell $0.38 (20%) to $1.54 on Monday after it shuffled its management team and board of directors. The neurology company said David Hung resigned as CEO and a director to pursue other opportunities. President and COO Marion McCourt also resigned as did board members Kate Falberg, Tony Vernon and Patrick Machado. Hung, who will continue to serve as an advisor to the Roivant Sciences GmbH (Basel, Switzerland) family of companies, is succeeded by Pavan Cheruvu, a member of Roivant’s executive leadership team. Roivant is Axovant's majority owner.

Joining Axovant’s board are Roger Jeffs, former president and co-CEO of United Therapeutics Corp. (NASDAQ:UTHR), and George Bickerstaff, former CFO of Novartis AG (NYSE:NVS; SIX:NOVN).

The moves come a month after Axovant discontinued development of intepirdine (RVT-101), which missed the primary endpoints of the Phase IIb HEADWAY and Phase II Gait and Balance studies in patients with dementia (see BioCentury Extra, Jan. 8).