Lower than two years after founding a COVID-19 monoclonal antibody firm, Tillman Gerngross stated Friday he would resign from his position as chief government of Adagio Therapeutics.
Gerngross knowledgeable the chair of the corporate’s board of administrators that he “agreed in precept” to go away the agency, in response to a submitting with the Securities and Alternate Fee. The submitting didn’t point out whether or not Gerngross would stay on the corporate’s board.
The Waltham biotech’s chief working officer, David Hering, will assume the position of interim CEO. Hering, an government who beforehand labored on Pfizer’s COVID-19 vaccine rollout, stated in a press release that Adagio will present “additional element round this succession, in addition to enterprise updates, within the close to time period.”
Adagio had touted its potential to play a significant position within the struggle towards the pandemic, however rapidly fell out of favor. The corporate’s stock plunged by nearly 80 percent in December after it issued a press launch that stated its lead experimental antibody therapy didn’t work towards Omicron, two weeks after the corporate said it did.
Two unbiased research later discovered Adagio’s therapy to be one of some that remained efficient towards Omicron in lab research.
Adagio spun out of Lebanon, N.H.-based Adimab, one other Gerngross antibody firm, in July 2020. In its August 2021 preliminary public providing, Adagio raised greater than $300 million from traders.
Anissa Gardizy could be reached at anissa.gardizy@globe.com. Observe her on Twitter @anissagardizy8 and on Instagram @anissagardizy.journalism.
