The company expects Mr Freiman to continue to serve on the board. Mr Freiman is the former CEO of Syntex of Palo Alto, California. Mr Freiman is retiring after 11 years of service to the company.
A committee has been formed by the board of directors, headed by Neurobiological Technologies (NTI) director, William Fletcher, chairman of Teva North America, to search for a new CEO and has engaged the services of a retained search firm.
Abraham Cohen, chairman of the board of directors at NTI, said: “Paul’s strong leadership has helped grow our company to where we have a Phase III program in a highly underserved acute ischemic stroke market and his contributions with Xerecept and Memantine to our organization will be long-lasting.”