Local drugmaker Neurocrine Biosciences Inc. said its chief financial officer, Timothy Coughlin, is stepping down.
Coughlin, who’s leaving Neurocrine for “personal reasons,” will stay on with the company through 2017 to ensure a smooth transition, the company said in a statement.
Coughlin has served as Neurocrine’s CFO for the past decade, and before that he was vice president and controller since 2002. Coughlin was key in turning the company around from the brink of financial ruin back in 2006 when the company experienced devastating clinical trial results. The firm watched as the company’s stock fell from about $70 per share to less than $3 by 2009. Neurocrine had to cut its staff from 600 people to 60.
“You basically have to start over,” Coughlin said in an interview last year. “Some people lost 90 percent of their investment. There’s no way to rebuild but through hard work.”
The hard work paid off. After recalibrating the company’s drug focus, Neurocrine set to work on recapturing its investor base. Today, Neurocrine is currently trading for $40.19 per share and has a market cap of $3.6 billion.
"On behalf of the board, shareholders and our employees, I want to thank Tim for his over 10 years of tireless service as CFO of Neurocrine," Kevin Gorman, president and CEO of Neurocrine, said in a statement. "Tim has been a tremendous person to work with and a key part of the team, which orchestrated the turnaround of Neurocrine. I am very pleased that we will continue to work together through a transition period. Through his leadership we are in a strong financial position that allows us to continue to execute on our commercialization and clinical plans."
Neurocrine’s board has started a replacement search.