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Kodiak Sciences' (NASDAQ:KOD) chief medical officer is stepping down from his position in the wake of two failed Phase 3 studies for the company’s lead drug candidate.
The biotech company said in a filing late Thursday that Jason Ehrlich, who served as chief medical officer and chief development officer, has resigned from the company, effective Aug. 25. It added that his departure was not due to any disagreement with the company’s operations, policies or practices.
On July 24, Kodiak announced it was discontinuing development of its drug candidate tarcocimab in the wake of disappointing data from two Phase 3 trials. Kodiak had been developing the drug for the treatment of diabetic macular edema, wet age-related macular degeneration, retinal vein occlusion and diabetic retinopathy, according to its website.
Shares of Kodiak plunged 46% on news of the discontinuation and have been trending lower since.
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