Cyberonics Management Shake-Up Follows Stock Option Review
This article was originally published in The Gray Sheet
Executive Summary
Cyberonics is looking to former CEO and Co-Founder Reese Terry to lead the company on an interim basis following the revelation of inappropriate stock option grant practices under the stewardship of outgoing chief exec Robert "Skip" Cummins
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People In Brief
Diagnostic exec to take charge at Roche: Roche Diagnostics CEO Severin Schwan will succeed Franz Humer as CEO of Roche next March, the drug and diagnostics giant announced July 19. Humer will remain chairman of the company's board. A new diagnostics chief has yet to be announced. Schwan is leading Roche's $3 billion hostile takeover of Ventana Medical Systems, an acquisition aimed at providing the company with platform technology for tissue-based diagnostic tests to pair with targeted cancer drugs (1"The Gray Sheet" July 2, 2007, p. 10). The exec has also led several other acquisitions in the diagnostics unit during the first half of the year, including the purchase of high-throughput firm 454 Life Sciences, research microarray firm NimbleGen and BioVeris...
People In Brief
Diagnostic exec to take charge at Roche: Roche Diagnostics CEO Severin Schwan will succeed Franz Humer as CEO of Roche next March, the drug and diagnostics giant announced July 19. Humer will remain chairman of the company's board. A new diagnostics chief has yet to be announced. Schwan is leading Roche's $3 billion hostile takeover of Ventana Medical Systems, an acquisition aimed at providing the company with platform technology for tissue-based diagnostic tests to pair with targeted cancer drugs (1"The Gray Sheet" July 2, 2007, p. 10). The exec has also led several other acquisitions in the diagnostics unit during the first half of the year, including the purchase of high-throughput firm 454 Life Sciences, research microarray firm NimbleGen and BioVeris...
Cyberonics brings SEC filings up to date
Maker of VNS Therapy implant for treatment-resistant epilepsy and depression files delinquent financial records with the Securities & Exchange Commission, becoming current with the Feb. 9 submission of a "10-Q" for the fiscal quarter ended Oct. 27, 2006. The firm's stock had been threatened with delisting from the Nasdaq exchange due to tardy financial filings, which resulted from an internal audit of stock option grant practices. Although the internal review concluded in November, inquiries by the SEC and U.S. Attorney's Office for the Southern District of New York are ongoing (1"The Gray Sheet" Nov. 27, 2006, p. 6)...