Investigation Ousts Sequenom CEO
Sequenom stated that it has instituted new disclosure and R&D procedures, but could give no definitive time line for the test’s commercialization. The company also stated that the results of the investigation results have been presented to the SEC, which is conducting its own investigation of the company. The test promised to be the first direct, noninvasive prenatal test for detecting Down’s syndrome.
San Diego, CA 9/28/09—An independent investigation by a special committee of independent directors has found that Sequenom failed to put in place adequate protocols and controls for the conduct of studies of its noninvasive, prenatal Trisomy 21 (Down syndrome) program. Sequenom was developing a Trisomy 21 test based on its MS-based MassARRAY platform and SEQureDx Technology. As a result of the investigation, the company has dismissed President and CEO Harry Stylli, PhD and Elizabeth Dragon, PhD, senior vice president of R&D. On an interim basis, Chairman Harry F. Hixon, Jr., PhD, will act as CEO, and Director Ronald M. Lindsay, PhD, will serve as senior vice president of R&D. The company stated that the public should no longer rely on any of the previously announced Trisomy 21 program test results.
