Regenxbio Appoints New CEO, Shares Drop 2.6%

Regenxbio Inc. (NASDAQ: RGNX) has announced a leadership transition, with Curran Simpson, the current Chief Operating Officer, being appointed as the new President and CEO, effective from July 1, 2024. Co-founder Kenneth T. Mills will step down from his role as President and CEO after 15 years of leadership and take on an expanded role as Chairman of the Board.

The company also reaffirmed its financial guidance, indicating that it expects its cash, cash equivalents, and marketable securities of $380.5 million as of March 31, 2024, to fund its operations into 2026. This guidance excludes the potential impact of any payments that may be received from AbbVie under their collaboration, as well as the potential monetization of a priority review voucher.

Curran Simpson, who has been with Regenxbio since 2015, has been directly responsible for key business functions including research and clinical development, corporate strategy, manufacturing and quality, regulatory, and commercial operations. He brings over 35 years of industry experience to his new role.

Regenxbio, a leading clinical-stage biotechnology company, has been pioneering the development of AAV therapeutics since its founding in 2009. The company is advancing a pipeline of AAV therapeutics for retinal and rare diseases, with thousands of patients having been treated with its AAV therapeutic platform.

Kenneth T. Mills expressed confidence in Simpson's ability to lead the company forward, stating that Simpson brings the required R&D, operational, and industry expertise to build on the company's momentum.

Simpson, for his part, expressed his honor in taking on the role of President and CEO, highlighting the company's well-positioned AAV therapeutics platform and expressing his excitement for the next chapter.

The company's financial guidance and leadership transition indicate a period of significant change and growth for Regenxbio as it continues to advance its pipeline and drive commercialization efforts.

As Regenxbio continues to make strides in the field of gene therapy, the industry will be keeping a close eye on the company's progress under the new leadership. As a result of these announcements, the company's shares have moved -2.6% on the market, and are now trading at a price of $12.81. Check out the company's full 8-K submission here.

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