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C4 Therapeutics slips as medical chief departs

  • The shares of clinical-stage biotech C4 Therapeutics CCCC lost ~8% on Friday after announcing the resignation of Adam Crystal, who functioned as the company’s Chief Medical Officer for nearly four years.
  • In a regulatory filing after the market close on Thursday, C4 CCCC said that on Jan. 30, Dr. Crystal informed his intention to resign to pursue an outside opportunity as the head of research and development.
  • The resignation is set to take effect on Feb. 24, after which Dr. Crystal has agreed to an arrangement to provide consulting services for the company on an as-needed basis to ensure a smooth transition, C4 CCCC said.
  • Dr. Crystal joined the company in February 2019 as Chief Medical Officer after a stint at Novartis NVS NVSEF Institutes for Biomedical Research, where he led several early-stage programs as Senior Director.
  • Read: In September, C4 CCCC received FDA clearance to start a Phase 1/2 trial for its oral solid tumor candidate CFT1946 by the 2022 year-end.