Trubion CEO steps down |
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Trubion CEO steps down
Peter Thompson, the chief executive of Seattle biotechnology company Trubion Pharmaceuticals, has stepped down from the post in order to "pursue other interests." He is being replaced on an interim basis for board member and Seattle venture capitalist Steven Gillis, a managing director at Arch Venture Partners.
Shares of Trubion are up 222 percent on the year, but they fell after the news was announced. In addition to Thompson, the company said that Michelle Burris has been promoted from CFO to COO. And John Bencich, formerly director of finance and accounting, has taken on the CFO duties.
Thompson's bio is still on the company's Web site. Prior to co-founding Trubion more than seven years ago, he served as an executive at iMetrikus and Chiron. During his tenure at Trubion, he also served as a venture partner at ATP Capital.
Gillis, who previously served as CEO of Corixa, thanked Thompson for his service in a press release today. "His leadership has been vital to Trubion's successful growth and its scientific, clinical and business achievements, and as a result Trubion today is well-positioned strategically," Gillis said. "Trubion's strategy remains the same -- to focus on the discovery, development and commercialization of leading protein therapeutics for autoimmune and inflammatory diseases and cancer."
Trubion is working on treatments for autoimmune and inflammatory diseases, as well as cancer. It posted revenue of $12.8 million during the first nine months of year, with the bulk of that revenue coming through a partnership with Pfizer. The money-losing company also recently signed a strategic partnership with Facet Biotech for the possible treatment of chronic lymphocytic leukemia.
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John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
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