- Push-out Score determined
- After about six years in the position
- Richie Cunnigham taking over
- Hoffman will remain as Chairman and Chief Science Officer at Tyme
- Hoffman said 62 words
(exechange) — Bedminster, New Jersey, November 30, 2020 — Steve Hoffman, chief executive of Tyme, leaves his position. As announced by Tyme Technologies Inc. in a news release and in a regulatory filing published on Monday, November 30, 2020, Steven (Steve) Hoffman has left his post as chief executive officer of the biotechnology company developing cancer metabolism-based therapies after about six years in the role, effective November 24, 2020.
Steve Hoffman’s duties as CEO will be taken over by Richard (Richie) Cunnigham, most recently Chief Executive Officer of Icagen Inc.
The fact that Steve Hoffman’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Helping Tyme establish itself as a commercial organization”
Tyme did not give an explicit reason for Steve Hoffman’s departure from the CEO post, leaving room for speculation. Steve Hoffman said: “We are fortunate to have been able to identify and bring on an individual with Mr. Cunningham’s significant experience in key facets sought by emerging biotech companies. His leadership and expertise in the biopharmaceutical industry, as well as his knowledge of efficient partnering strategies will be invaluable helping Tyme establish itself as a commercial organization with a pipeline of next-generation metabolic-based compounds.”
Hoffman will remain as Chairman and Chief Science Officer at Tyme
“Steve Hoffman will remain in the role of Chairman of the board of directors and continue as the Company’s Chief Science Officer after a successful tenure as Chief Executive Officer since 2015,” Tyme said.
“Resign”
Tyme said: “In conjunction with Mr. Cunningham’s appointment as the new Chief Executive Officer, Steve Hoffman agreed to resign as Chief Executive Officer and continue in his role of Chief Science Officer of the Company, effective November 24, 2020. As part of his duties, Mr. Hoffman will be the project manager of the Company’s Tyme-19 proof-of-concept trial (RESPOnD) at least until the initiation of a Phase II clinical trial studying the product candidate.”
Share price decline since November 2015
The announcement follows a decline in Tyme Technologies Inc.’s share price of 90% since November 2015.
In the position of CEO since 2015
Steve Hoffman became CEO of the Company in 2015.
Steve Hoffman has been Chief Executive Officer and Chief Science Officer of the Company since March 2015.
In these roles, Hoffman supervised the development of the Company’s product candidates that he began with Tyme, Inc. and Luminant Biosciences, LLC (“Luminant”), wholly-owned subsidiaries of the Company.
Prior to the establishment of Luminant in 2011, he held a variety of senior management positions with companies in the chemistry, aerospace and laser optics fields for over 25 years.
Hoffman was a co-founder and, from 1993 to 2007, Chief Technology Officer of Mikronite Technologies Group Inc., a developer, licensor and marketer of material surfacing technologies for various manufacturing processes and applications.
At Mikronite, Hoffman supervised its implementation of proprietary technology.
His efforts on behalf of Mikronite were recognized by The Home Depot and Lowe’s with a Best New Product award and an Innovative Technology award from the New Jersey Manufacturers Association.
Hoffman attended New York University and Rutgers University with a concentration in mechanical engineering from 1980 to 1984 and continued his studies under the direct supervision of the chairman of the physics department at the University of Michigan specializing in physics and electro-optics.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Tyme and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 49.2020 ($).