Chelsea Therapeutics cutting jobs, CEO leaves

CBS News is reporting that Chelsea Therapeutics founder and CEO Simon Pedder has resigned and will be replaced by Operations Vice President Joseph G. Oliveto on an interim basis. Kevan Clemens, meanwhile, is being replaced by Dr. Michael Weiser as board chairman. However, he will remain a director. According to the network, “the drug developer plans large job cuts and a reorganization as it works to recover from a setback to its lead drug candidate Northera.” Board members Norman Hardman and Johnson Y.N. Lau have also resigned.

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