Shares of Merus Labs (TSX:MSL) fell more than 22% today after CEO Elie Farah’s sudden resignation.
Barry Fishman, an industry veteran previously with Teva Canada and Eli Lilly, will assume the role of interim CEO. Fishman was previously a senior advisor to the company.
Despite today’s action, Merus looked to assure investors of its continuity.
“We have strategically staffed both the company and our board with experienced pharmaceutical professionals capable of taking Merus further on our growth trajectory. The transition to Barry as interim chief executive officer will be seamless,” said board chairman Michael Cloutier.
Vancouver-based Merus Labs, which was founded in 2011, is a specialty pharma hopeful focused on commercializing mature assets in niche medical markets. The company’s lead product, marketed under the names Enablex and Emselex, is a prescription medicine used in adults to treat symptoms of overactive bladder. The product works by blocking the nerve signals that cause the bladder to involuntarily contract. Merus acquired the marketing rights to the product from from Novartis in July of last year. The company has two other products; Vancocin, a C.difficile treatment, and Factive, which treats chronic bronchitis and pneumonia.
Shares of Merus Labs on the TSX closed today at $1.60.