- Push-out Score determined
- After almost seven years in the position
- Accolades and praise for Ostertag
- Mark Gergen taking over
- Ostertag will remain as Executive Chairman at Poseida
- Ostertag said 103 words
(exechange) — San Diego, California, January 10, 2022 — Eric Ostertag, chief executive of Poseida, leaves his position. As announced by Poseida Therapeutics Inc. in a news release and in a regulatory filing published on Monday, January 10, 2022, Eric Ostertag leaves his post as chief executive officer at the clinical-stage biopharmaceutical company, after almost seven years in the role, effective February 1, 2022.
Eric Ostertag’s duties as CEO will be taken over by Mark J. Gergen, currently President and Chief Business Officer at Poseida Therapeutics Inc.
No reason given
In the announcement, Poseida did not explicitly explain the reason for the move.
Ostertag will remain as Executive Chairman at Poseida
“Poseida Therapeutics, Inc. (Nasdaq: PSTX), a clinical-stage biopharmaceutical company utilizing proprietary genetic engineering platform technologies to create cell and gene therapeutics with the capacity to cure, today announced the appointment of Eric Ostertag as Executive Chairman and the transition of current President and Chief Business Officer, Mark Gergen, to the role of Chief Executive Officer effective as of February 1, 2022. The Company also provided a summary business update and 2022 preview,” Poseida said.
“Will no longer serve in such role”
Poseida said: “On January 8, 2022, the board of directors (the “Board”) of Poseida Therapeutics, Inc. (the “Company”) appointed Mark Gergen as Chief Executive Officer of the Company, effective as of February 1, 2022 (the “Effective Date”). Mr. Gergen currently serves as President, Chief Business Officer and a director on the Board. Also as of the Effective Date, Eric Ostertag, M.D., Ph.D., the Company’s current Chief Executive Officer, will no longer serve in such role and will assume the role of Executive Chairman of the Board, continuing as a non-executive employee of the Company.”
Share price decline since August 2020
The announcement follows a decline in Poseida Therapeutics Inc.’s share price of 52% since August 2020.
In the position of CEO since 2015
Eric Ostertag became CEO of the Company in 2015.
Ostertag directed Poseida’s spin out from Transposagen in February 2015 and has served as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors since May 2015.
From October 2003 to July 2015, Ostertag founded and served as the Chief Executive Officer and President of Transposagen, a biotechnology company that commercializes early gene editing technology in the research reagent space.
From March 2008 to July 2015, Ostertag co-founded and served as Chief Executive Officer and President of Vindico NanoBioTechnology, Inc., a biotechnology company engaged in the discovery, development, and commercialization of human therapeutics that are based on a nanometer-scale particulate technology.
From 2006 to 2007, Ostertag co-founded and served as Executive Vice President of PhenoTech, Inc., a biotechnology company engaged in the discovery, development, and commercialization of reagents for diagnostic use in blood banks.
Ostertag received both his Ph.D. in Molecular Biology and his M.D. from the University of Pennsylvania School of Medicine and his B.S. in Genetics from the University of Wisconsin-Madison.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Eric Ostertag’s move on a scale of 0 to 10.
exechange reached out to Poseida and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2022 ($).