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Innovate Biopharma CEO Prior Resigns, Chairman Laumas Steps In

Xconomy Raleigh-Durham — 

Innovate Biopharmaceuticals (NASDAQ: INNT) CEO Christopher Prior has resigned. In his place, Sandeep Laumas, the executive chairman of Innovate’s board, has been appointed chief executive. Prior had been Innovate’s CEO since 2015. According to a securities filing, he resigned from his chief executive post and board seat on Feb. 19. The filing gave no reason for the resignations; in a press release, the company says Prior will “pursue other opportunities.”

In other moves, Innovate promoted Patrick Griffin to chief medical officer. Griffin had joined Innovate in November as acting head of clinical development. Innovate is preparing for Phase 3 tests of larazotide acetate, an experimental treatment for celiac disease.