Innovate Bio Chief Medical Officer Patrick H. Griffin Leaves the Company

11/26/18

A top executive of Innovate Biopharmaceuticals Inc., a Raleigh-based drug development company, hired earlier this year has left the company, according to a filing with the Securities and Exchange Commission on Friday.

The company said that Patrick H. Griffin has joined Innovate Bio as the acting head of clinical development and will assume the clinical development responsibilities previously held by June Almenoff.

The employment of Almenoff, chief operating officer and chief medical officer of Innovate Bio, was terminated on Nov. 16. She has worked for the company since March 13, 2018.

Almenoff will now serve as a consultant of the company and will receive severance payments.

Previously, she served as the president and chief medical officer at Furiex Pharmaceuticals Inc., in which her four-year tenure culminated in the company’s acquisition by Actavis PLC, which is now called Allergan, for over $1.2 billion.

Before that she served in different positions at GlaxoSmithKline PLC for 12 years, including vice president in the clinical safety organization.

Griffin has been the chief medical officer of Synergy Pharmaceuticals since 2013.

Innovate Bio is a clinical stage biotechnology company which focuses on developing novel autoimmune and inflammation therapeutic drugs.

In early November, the company posted better-than-expected earnings in which it reported a net loss of $800,000, or 3 cents per share, as compared compared to a net loss of $2.5 million, or 8 cents per share, in the same quarter of the previous year.

Shares of the company traded at $2.84 on Friday, up 9 cents, or 3.24 percent, from the previous day’s close.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.