- Push-out Score determined
- After almost eight years in the position
- Praise and thanks for Lynch
- Chris Lowe taking over temporarily
(exechange) — South San Francisco, California, February 2, 2022 — Casey Lynch, chief executive of Cortexyme, leaves. As announced by Cortexyme Inc. in a news release published on Tuesday, February 1, 2022, and in a regulatory filing published on Wednesday, February 2, 2022, Casey C. Lynch has left her post as chief executive officer at the clinical-stage biopharmaceutical company focused on Alzheimer’s and other degenerative diseases, after almost eight years in the role, effective January 28, 2022.
Casey Lynch’s duties as CEO will be taken over temporarily by Christopher (Chris) Lowe, most recently chief operating officer and chief financial officer at Cortexyme Inc., as interim chief executive officer.
Casey Lynch’s move coincides with a management shake-up also involving the position of chief scientific officer.
“To leverage our company’s strategic assets”
Cortexyme did not give an explicit reason for Casey Lynch’s departure from the CEO post. David Lamond, Chairperson of the Board, said: “Our top priority is to leverage our company’s strategic assets and drive the next stage of development at Cortexyme.”
Precise information regarding Casey Lynch’s future plans was not immediately available.
Cortexyme said: “Cortexyme, Inc. (Nasdaq: CRTX), a clinical-stage biopharmaceutical company focused on Alzheimer’s and other degenerative diseases, today announced that its board of directors has appointed Christopher Lowe, the company’s chief operating officer and chief financial officer, as interim chief executive officer, effective immediately. This appointment follows the departure of Casey Lynch as the company’s chief executive officer and chair of the board. Current independent board member David Lamond will replace Ms. Lynch as the chair of the board.”
Cortexyme further said: “On February 1, 2022, the Company announced the departure of Casey C. Lynch, the Company’s President, Chief Executive Officer and Chairperson of the Board, and Stephen S. Dominy, M.D., the Company’s Chief Scientific Officer and a member of the Board, effective as of January 28, 2022.”
“Neither departure was a result of any disagreement”
“Ms. Lynch and Dr. Dominy tendered their resignation from the Board, effective as of January 31, 2022. Neither departure was a result of any disagreement with the Company, its Board or management,” Cortexyme said.
Share price decline since February 2021
The announcement follows a decline in Cortexyme Inc.’s share price of 83% since February 2021.
In the position of CEO since 2014
Casey Lynch became CEO of the Company in 2014.
Casey C. Lynch has served as the Company’s President and Chief Executive Officer and a member of the Company’s board of directors since July 2014, and as Chairman of the Company’s board of directors since November 2018.
Lynch also serves on the board of directors of Longboard Pharmaceuticals, Inc., a biopharmaceutical company.
Prior to co-founding Cortexyme, Lynch co-founded various companies and organizations in the biotechnology industry including Aspira Biosystems, Inc. and NeuroInsights, LLC.
She served as Aspira’s co-founder, President and Chief Executive Officer from 1999 to 2004 and she co-founded NeuroInsights, LLC and served as its Managing Director from 2004 to 2015.
Lynch also co-founded Neurotechnology Industry Organization and served as a board member from March 2005 to September 2018.
Lynch holds a B.S. in Neuroscience from the University of California, Los Angeles, an M.S. in Neuroscience from the University of California, San Francisco and obtained a certificate in Management Development for Entrepreneurs Program from the University of California, Los Angeles.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Casey Lynch’s move on a scale of 0 to 10.
exechange reached out to Cortexyme and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 6.2022 ($).