Somatix Therapy Corp., formed March 15 by the merger ofHana Biologics Inc. and Somatix Corp., announced Tuesday thatit has been unable to reach an employment agreement withEric Tomlinson, who was to have been president and chiefexecutive officer.
Tomlinson, who had been CEO of Somatix Corp., was namedpresident and CEO of the merged company in a filing to theSecurities and Exchange Commission (SEC). But this "left opendetails of his employment contract," said Somatix Therapyspokesman Mark Bagnall.
Tomlinson has since resigned both positions, agreeing to stayon as a consultant for one year and to assist the company in itssearch for a new CEO.
The company declined to discuss the reasons for thebreakdown of talks. Somatix Therapy stock (NASDAQ:SOMA)closed Tuesday at $5 a share, up 50 cents.
The company also announced that David Carter had beenelected chairman. Carter, previously a Hana director, is alsopresident of Northfield Laboratories in Illinois. He willrepresent the Somatix board in its search for a new CEO.
Somatix, based in Alameda, Calif., will specialize in cell implantand gene therapy approaches to the development oftherapeutic proteins. Initially the company intends to focus ondeveloping products to treat hemophilia, Parkinson's diseaseand insulin-dependent diabetes.
-- Rachel Nowak Washington Bureau Chief
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