BOTHELL, Wash. (AP) -- Drug developer AVI Biopharma Inc. said Thursday that Chief Scientific Officer Peter Linsley will resign from the company on June 1.
AVI did not disclose a reason for Linsley's departure or name a replacement.
AVI Biopharma is a development stage company, and it has no products on the market. On April 2 the company said its most advanced drug candidate, the experimental muscular dystrophy treatment eteplirsen, met its main goal in a mid-stage clinical trial. Patients who took eteplirsen had a significant increase in the protein that strengthens skeletal muscle. However the drug did not help patients walk, and AVI shares fell 27.9 percent, from $1.54 to $1.11.
The stock rose 3 cents, or 2.8 percent, to close at $1.10. It lost 6 cents, or 5.5 percent, to $1.04 in after-hours trading.