Arcturus Therapeutics reported Feb. 2 that its board fired president and CEO Joseph Payne and named Mark Herbert as interim president.
The San Diego company in a news release did not disclose why Payne was terminated, only that the announcement is “not related to Arcturus’ operational performance, ongoing programs, financial condition or financial reporting.”
When reached over the phone, company spokesman Trevor Gibbens said Arcturus has no further comment.
The company hit the public markets three months ago following a merger with Alcobra, previously based in Israel. The merger provided Arcturus with capital – the combined company in November had net cash of about $50.1 million – for use in funding research and development of RNA medicines in areas such as liver and infectious diseases.
Arcturus essentially took over the combined companies, as Alcobra moved to San Diego and Arcturus executives led the company.
Payne founded the company in 2013, according to his LinkedIn page.
Herbert, who will take over immediately, joined Arcturus in 2015, having previously served as vice president of business development and alliance management.