William Welch has resigned as CEO and director of San Diego biotech Trovagene, citing personal reasons. The resignation is effective immediately.
Welch was named CEO in April 2016, a month after the company fired then-CEO Antonius Schuh and then-CFO Stephen Zaniboni. Trovagene settled with the two executives last August.
Previously Welch was the president and CEO of another San Diego firm, Sequenom.
Thomas Adams, Trovagene’s board chairman, was appointed as interim CEO while the company searches for a new CEO. Adams from 2005 to 2011 was a director of Iris International, a diagnostics company, and has been chief technology officer of Iris since April 2006.
Recently Trovagene closed an $18 million public offering. That money was earmarked for research and development, along with working capital and general corporate purposes, according to the company, which is developing targeted therapeutics to treat hematologic and solid tumor cancers.
Correction: This article was updated to state Trovagene's area of focus in developing targeted therapeutics.