Exscientia fires CEO over inappropriate staff relationships
13 Feb 2024
Phase 1Executive ChangeIPO
Exscientia is searching for a new chief executive and chairman after learning the former had engaged in inappropriate relationships with employees, and the latter seemingly kept at least one of those relationships secret from the board. Shares in the company, which uses AI to discover and develop drugs, sunk 23% Tuesday on the news.
CEO Andrew Hopkins was sacked after an investigation uncovered relationships with two employees that were “inappropriate and inconsistent with the company’s standards and values,” Exscientia disclosed in a regulatory filing.
Additionally, chairman David Nicholson tendered his resignation Tuesday after a discussion with the board. According to the company, Nicholson had prior knowledge of the earlier of Hopkins’ relationships, but rather than consulting the board, he addressed the situation directly.
Dave Hallett, Exscientia’s chief science officer, has been appointed interim CEO, and Elizabeth Crain, who sits on the board and serves as chair of the audit committee, will act as interim chairperson. The board is searching for permanent replacements for both positions.
12 years at the helm
Hopkins founded Exscientia in 2012 to leverage AI for more rapid, effective identification and development of drug molecules.
During his tenure, Hopkins has been awarded a slew of honours. He was elected Fellow of both the Royal Society and the Academy of Medical Sciences, was featured on the inaugural TIME 100 AI and Fortune 50 AI Innovators lists, and most recently was appointed Commander of the Order of the British Empire in January.
Exscientia purports to have brought the first AI-designed candidate to in-human studies in 202, and boasts partnerships with a pair of large pharmas – Bristol Myers Squibb and Sanofi – plus German life sciences company Merck KGaA.
However, in the company’s decade-plus existence, it has yet to win a regulatory approval, let alone reach late-stage clinical testing.
Its lead programme, CDK7 inhibitor GTAEXS617, is partnered with GT Apeiron Therapeutics and is in a Phase I/II trial to treat solid tumours. Exscientia’s other clinical candidate is PKC-theta inhibitor EXS4318, which BMS has in-licensed and last year started a Phase I trial for inflammatory diseases.
Exscientia’s shares have lost more than 70% of their value since the company’s late 2021 IPO, which raised over $300 million through the sale of 13.9 million ADSs at $22.00 a piece. The company closed at $5.80 on Tuesday.
For more details,please visit the original website
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Organizations
Indications
Targets
Hot reports
Get started for free today!
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.