Hubert Chen, chief medical and scientific officer of Pfenex (NYSE American: [[ticker:PFNX]]), plans to resign on Sept. 2, the San Diego biotech announced Thursday. No explanation was given for Chen’s departure but in a securities filing, the company said it was not for “good reason.” According to Chen’s employment contract, “good reason” includes a breach of the agreement by the company; a corporate relocation outside of the San Diego area; or a material reduction in Chen’s base pay.
Chen was appointed chief medical officer of Pfenex in 2014. Last year, his role was amended to add the responsibilities of chief scientific officer. After Chen resigns, Pfenex says he will continue to work with the company as a paid advisor supporting its plans to file for approval of lead drug PF708 in the fourth quarter of this year. The injectable drug is a version of the Eli Lilly (NYSE: [[ticker:LLY]]) osteoporosis drug teriparatide (Forteo). A search for Chen’s successor is underway.
