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Trovagene CEO, COO Fired; Sued for Breach of Fiduciary Duty

Trovagene’s shares are down 12 percent Tuesday after the maker of liquid biopsies said it fired and sued its chief executive officer and chief financial officer.

The San Diego-based company announced Monday night that CEO Antonius Schuh and CFO Stephen Zaniboni had allegedly failed to present a lucrative corporate opportunity to Trovagene, and instead took a precision medicine opportunity for their own personal benefit.

Trovagene Inc. filed a complaint against Schuh and Zaniboni in San Diego Superior Court for breach of fiduciary duty, among other things. The complaint asks that Schuh and Zaniboni be required to turn over their interests in these new therapeutics to Trovagene.

In the wake of the executive shakeup, Trovagene’s Chairman Thomas Adams will act as interim CEO. However, the company has not named anyone for the position of CFO.

“The acquisition of new therapeutics in the field of precision medicine presents an exciting opportunity for Trovagene and we intend to bring that opportunity to Trovagene where it rightfully belongs for the good of our shareholders,” Adams said in a statement.

Trovagene’s shares are trading on the Nasdaq for $4.51 per share, up slightly since yesterday’s plunge. The company’s shares have fallen 36 percent in the past year.

Read more on Trovagene’s leadership change in the next edition of the San Diego Business Journal

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