Dallas, Texas 03/25/2014 (FINANCIALSTRENDS) – Synta Pharmaceuticals Corp (NASDAQ:SNTA), the bio-pharmaceutical company said that the Chief Executive Officer, President and the member of the company’s board, Safi R. Bahcall, has now resigned from the positions and has also been replaced by a certain executive-committee of the company board until the new CEO is named. This executive committee is now chaired by the Synta Pharmaceuticals Corp (NASDAQ:SNTA)’s Chairman Keith R. Gollust,& it also includes a director & a retired vice-chairman of Johnson & Johnson- Robert N. Wilson, and a newly- appointed director & a former Incyte Corp Chief Executive Officer, Paul A. Friedman, said Synta Pharmaceuticals Corp (NASDAQ:SNTA).
This search for the new Chief Executive Officer will start immediately, said Gollust, and added that Synta Pharmaceuticals Corp (NASDAQ:SNTA) expects the transition will not delay advancement of the company’s ganetespib drug/ the HDC platform. In September, Synta Pharmaceuticals Corp (NASDAQ:SNTA) had said that the Food & Drug Administration had granted fast-track-0designation for the company’s investigation of its ganetespib, which is its drug candidate for the treatment of metastatic non-small-cell lung adenocarcinoma, which is a kind of lung cancer. Synta Pharmaceuticals Corp (NASDAQ:SNTA)’s shares soared as much as 21 percent after its announced positive interim-results from the company’s ENCHANT-1 study of its experimental metastatic-breast cancer therapy called ganetespib at the recently held European Breast Cancer Conference.
As per the design of the study, Synta Pharmaceuticals Corp (NASDAQ:SNTA) was evaluating its ganetespib over 12-weeks as the single-agent therapy & was looking at the efficacy and the predictive biomarkers across 3 trial cohorts, which includes HER2-positive-patients, & triple-negative breast-cancer patients/ TNBC. These latest results demonstrated that 6 out of the 7 patients who were evaluable in this HER2-positive cohort at week 3 had achieved the metabolic response and 18 of the 31 in the company’s TNBC arm had now achieved the metabolic response.