Thursday, April 10, 2008

Inotek closing facilities; CEO leaves

Inotek Pharmaceuticals Corp. has decided to sell its drug plant in Israel and say goodbye to its CEO, among other developments, according to company officials.

The Beverly-based drug developer said it has accepted the resignation of its CEO, Andrew Salzman, who plans to pursue his career in Israel. Company director Michael Loberg was appointed by the board of directors as interim CEO.

The privately held pharmaceutical company reported the following personnel changes: Rudolf Baumgartner, former vice president of clinical research at Marlborough drug-maker Sepracor Inc., was named chief medical officer; William McVicar, for vice president of product development at Sepracor, was hired as executive vice president of pharmaceutical development; and James Ham, former vice president of Lexington biotech firm NitroMed Inc., is the company's new CFO.

Meantime, the drug developer said, its partnership with biotech giant Genentech Inc., based in South San Francisco, is due to end this month. Along with the sale of its Israel plant, the firm plans to close several unidentified international offices. The company has kept offices in Israel, apart from the plant, New Zealand and Australia.