Shares of Editas Medicine Inc EDIT tumbled 20 percent Tuesday after the CEO of the genome editing company announced her resignation.
Editas said Katrine Bosley will step down as president, CEO and board member while board member Cynthia Collins will run the company as interim CEO. The search for a permanent CEO is ongoing and Bosley will act as an adviser to ensure a smooth transition.
Why It's Important
It's not yet clear why Bosley is quitting as CEO after the company announced in 2018 the start its first CRISPR trial, which included a $15 million upfront fee from Allergan plc AGN. More recently, the FDA approved the company's IND application and a Phase 1/2 clinical trial will begin patient dosing in the second half of the year.
As interim CEO, Collins will build on Editas' recent successes and "push the pace of innovation and accelerate our achievements" to improve the lives of people who live with serious diseases.
Editas shares traded at $20.65 Tuesday afternoon, down 21 percent on the day.
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