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news.YM BioSciences has reported that as a result of the recent termination of the trial for its cancer drug tesmilifene it has fired two company executives.
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Gail Schulze president of YM BioSciences and CEO of YM BioSciences USA, and John Bennett vice president of Corporate Development at YM BioSciences USA, have left their positions. However, Gail Schulze will remain a director of the company.
When the cancer drug failed to yield positive results, YM Biosciences said some job cuts or shifting of priorities could follow.
YM Biosciences said it needed to re-focus its resources and structure on accelerating the clinical development of its nimotuzumab and AeroLEF programs and at the same time reduce expenditures and the size of management overheads.
“As we realign our strategy, we continue to evaluate our current resources against our revised business requirements in order to determine whether additional changes to the management team are needed,” said David Allan, chairman and CEO of YM BioSciences.