The chief executive officer of Raleigh-based Innovate Biopharmaceuticals Inc. has left the company, according to a filing with the Securities and Exchange Commission Tuesday.

Christopher P. Prior joined the drug development company in 2015 as CEO. Prior to joining Innovate Bio, Prior served for six years as CEO of Phasebio Pharmaceuticals Inc., a clinical stage biopharmaceutical company.

Innovate Bio’s board appointed the current executive chairman, Sandeep Laumas, to the additional position of chief executive officer.

It’s the second executive departure in the past four months. The company’s chief medical officer left in November.

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

Prior earned a chemistry undergraduate degree from the University of London and received his Ph.D. in biochemistry from Columbia University.

The former CEO entered into agreement with the company in which he will be entitled to severance payments beginning March 11 and continuing for 12 months. He will earn his current base salary that totaled $172,000 in 2017.

He will also receive certain health care reimbursement benefits as well as continued vesting of his outstanding time-based equity awards for the 12-month period following his departure.

On Feb. 19, Prior also entered into a consulting agreement with the company in which he will provide advisory services as requested for 12 months at a rate of $350 per hour.

Laumas will not be entitled to any additional compensation as a result of his appointment as chief executive officer.

The stock closed at $2.21 Tuesday, down 2 cents from Monday.