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Eiger BioPharmaceuticals announced the immediate resignation of David A. Cory as President and CEO. Dr. David Apelian, previously Senior Clinical Advisor, has been appointed as Interim CEO. The company aims to start a search for a permanent CEO. Dr. Apelian brings 23 years of experience in clinical development, including leadership roles at Eiger since 2017. The Board expressed confidence in his ability to lead during this transition, especially given Eiger's promising late-stage pipeline and ongoing clinical programs.
Positive
Appointment of Dr. David Apelian as Interim CEO, bringing 23 years of relevant experience.
Eiger has a promising late-stage pipeline of multiple FDA Breakthrough Therapy designated programs.
The Board is conducting a program prioritization assessment to enhance long-term shareholder value.
Negative
Immediate management change could raise concerns about leadership continuity.
Uncertainty regarding the timeline and outcome of the executive search for a permanent CEO.
President and CEO David A. Cory resigns from the company effective immediately
Dr. David Apelian named Interim CEO
PALO ALTO, Calif.--(BUSINESS WIRE)--
Eiger BioPharmaceuticals, Inc. (“Eiger” or “the company”) (Nasdaq: EIGR), a commercial-stage biopharmaceutical company focused on the development of innovative therapies for hepatitis delta virus (HDV) and other serious diseases, and its Board of Directors today announced that David A. Cory has resigned as President, Chief Executive Officer and member of the Board of Directors, effective immediately.
David Apelian, MD, PhD, MBA, Senior Clinical Advisor and member of the Board of Directors, has been named as interim Chief Executive Officer and will also continue to serve on the company’s Board of Directors. The company plans to initiate an executive search to identify candidates to serve as a permanent CEO.
Dr. Apelian has 23 years of clinical development and regulatory experience with large pharmaceutical and biotechnology companies, including nearly six years in senior management, advisory and Board roles at Eiger. He has been serving as a Director since 2017 and in 2018 was appointed Chief Operating Officer and Executive Medical Officer, responsible for heading the company’s R&D, Medical and Regulatory Affairs operations. Following his departure from that position, he has been serving as a Director, Senior Clinical Advisor and board member at Eiger. Dr. Apelian was also the founding CEO of BlueSphere Bio. In addition, Dr. Apelian was Executive Vice President and Chief Medical Officer of Achillion Pharmaceuticals, Inc. where he was responsible for creating portfolio strategy and managing the company’s clinical development programs. Earlier in his career, he held senior management positions at Globelmmune, Bristol-Myers Squibb, and Schering Plough. Dr. Apelian has extensive experience in chronic hepatitis C, chronic hepatitis B, and rare diseases.
Thomas Dietz, PhD, non-executive Chairman of the Board, said, “On behalf of the Board, I would like to thank David Cory for his contributions as business founder and CEO during his 14-years with the company. We are optimistic about the future of Eiger and are pleased to have David Apelian oversee Eiger’s strong and experienced commercially-focused team and with a promising late-stage pipeline of multiple FDA Breakthrough Therapy designated programs during this period. David’s extensive experience and strong familiarity with Eiger’s business are valuable assets for the company, and are a reflection of the deep bench of talent at Eiger that will allow us to continue moving forward for patients. As part of this transition, Dr. Apelian and the Board intend to conduct a program prioritization assessment with a focus on enhancing long-term shareholder value.”
“It is a privilege to have the opportunity to lead the experienced management team at Eiger at this important time for the company,” said Dr. Apelian. “We have a number of promising opportunities across our commercial and clinical platforms, and I look forward to partnering with the Board in leading the entire organization as we evaluate our portfolio of assets to fulfill the promise of advancing our high-potential drug candidates for patients with serious diseases and ensuring access to Zokinvy for patients with Progeria."
Mr. Cory added, “It has been a pleasure seeing the company grow. I’m proud to have been a part of a great team and look forward to seeing future successes at Eiger.”
About Eiger
Eiger is a commercial-stage biopharmaceutical company focused on the development of innovative therapies for HDV and other serious rare diseases. The Eiger HDV platform includes two first-in-class therapies in Phase 3 that target critical host processes involved in viral replication. All five Eiger rare disease programs have been granted FDA Breakthrough Therapy designation.
For additional information about Eiger and its clinical programs, please visit www.eigerbio.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts, including statements regarding our executive search to identify candidates to serve as a permanent CEO, our program prioritization assessment, our ability to enhance long-term shareholder value, our ability to advance our drug candidates and provide access to Zokinvy for patients, and our business strategy and plans and objectives for future operations, are forward-looking statements. Forward-looking statements are our current statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, the timing of our ongoing and planned clinical development; the sufficiency of our cash, cash equivalents and investments to fund our operations; the likelihood of identifying qualified CEO candidates; our capability to provide sufficient quantities of any of our product candidates to meet anticipated full-scale commercial demands; our ability to finance, independently or through collaborations, the continued advancement of our development pipeline; and the potential for success of any of our products or product candidates. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Eiger makes, including additional applicable risks and uncertainties described in the "Risk Factors" sections in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and Eiger's subsequent filings with the SEC. The forward-looking statements contained in this press release are based on information currently available to Eiger and speak only as of the date on which they are made. Eiger does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.
What led to the resignation of CEO David A. Cory at Eiger BioPharmaceuticals?
David A. Cory resigned effective immediately, with no specific reasons disclosed in the press release.
Who is Dr. David Apelian and what is his role at Eiger BioPharmaceuticals?
Dr. David Apelian has been appointed as Interim CEO and has 23 years of experience in clinical development, having served in various roles at Eiger since 2017.
What is the focus of Eiger BioPharmaceuticals under the interim leadership of Dr. Apelian?
Eiger aims to evaluate its portfolio of assets and continue advancing its high-potential drug candidates for serious diseases.
How might the leadership change affect Eiger BioPharmaceuticals' stock performance?
While the interim leadership transition may raise concerns about continuity, the board's confidence in Dr. Apelian and focus on enhancing shareholder value could mitigate risks.
