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Article: CytRx shares holding up well despite CFO departures: key executives leave biotech firm in L.A. and Massachusetts subsidiary.(FINANCE)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 24, 2007
- Author:
CopyrightCOPYRIGHT 2007 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IN a skittish stock market, the sudden departure from a small company of just one top executive--let alone two--can send stock prices reeling, especially if they are accounting types.
Yet shares of Los Angeles-based biotech CytRx Corp. have held up surprisingly well, even though its chief financial officer and his counterpart at a high-profile subsidiary in Massachusetts were replaced within a week of each other this month.
On Sept. 7, subsidiary RXi Pharmaceuticals Corp., announced that CFO Jim Warren was leaving in a "planned departure," and would be replaced by Stephen DiPalma, a veteran of Massachusetts' large biotech community. Then on Sept. 12, ...