Pernix Therapeutics Holdings, Inc. PTX, a specialty pharmaceutical firm, appointed its Director, John Sedor, as its Chairman and interim CEO. The move followed after its current Chairman, Doug Drysdale, agreeing to step down from the Board, Chief Executive Officer and President, effective May 9, 2016.
According to the company, the board would engage itself in the searches for a permanent CEO. The company's Board currently expects Sedor to remain as Chairman of the Board until a new CEO was appointed.
The newly appointed Chairman, Sedor, said, "On behalf of the Pernix Board of Directors and employees, we would like to thank Doug for his service to the company, and wish him success in his future endeavors. We recognize and appreciate Doug's significant contributions to Pernix."
Pernix Therapeutics said Sedor has served as a member of the Board since March 2014. He has been Chairman and Chief Executive Officer of SEDOR Pharmaceuticals, LLC since 2014 and served as President, CEO and a Director of Cangene Corporation, a fully integrated developer and manufacturer of immune therapeutics, from 2011 until its acquisition by Emergent Biosolutions in February 2014.
Shares of the company plunged 15.2 percent on Wednesday.
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