Tranzyme Pharma’s CFO to step down

Dec. 05, 2012 @ 06:50 PM

DURHAM –  The vice president of finance and chief financial officer for the biopharmaceutical company Tranzyme Pharma, Richard Eisenstadt, announced Wednesday he has resigned effective Jan. 4.

The announcement follows a series of setbacks for the company. Tranzyme Pharma announced earlier this year it was halting new drug application activities for its lead product candidate ulimorelin after a second clinical trial confirmed there was no statistical difference between the candidate and placebo groups.

The company had then planned to focus on developing another drug, a treatment for diabetic patients with a stomach disorder known as TZP-102. Tranzyme announced that the first of two Phase 2b trials showed the trial didn’t meet its primary endpoint. The company has a second Phase 2b trial for the candidate.

According to Wednesday’s announcement, upon Eisenstadt's departure, Tranzyme's controller, Rhonda L. Stanley, will perform the duties of principal financial officer and principal accounting officer. Eisenstadt resigned to pursue another career opportunity.

“On behalf of the entire team at Tranzyme Pharma, I would like to thank Rich for his many years of hard work and dedication at the Company during his tenure as CFO,” said Vipin K. Garg, president and CEO of Tranzyme Pharma, in a prepared statement in a news release. “Since joining Tranzyme in 2003, Rich has been a valuable member of our executive team.”