OvaScience Inc (NASDAQ:OVAS) has been making numerous efforts for a number of years to market its fertility treatments. The latest news about the company is that it has made the move to make a new appointment and also to announce layoffs of half of its employees.
The industry leader hopes to introduce a new business strategy that will majorly focus in the development of new treatments for fertility rather than commercializing its existing one.
Christopher Kroeger, who was recently serving Cardioxyl Pharmaceuticals in the capacity of the CEO, will be the one to succeed former CEO, Harald, who reportedly stepped down after serving for one year. The new CEO will be the third since the founding of the company in 2011. Michelle Dipp, according to bizjournals.com, was the woman behind the co-founding of the company and she also headed the company for several years.
December wasn’t a good time for the company considering that its shares were trading at their lowest point ever. Kroeger, according to some reliable sources is believed to have played a lead role overseeing the sale of Cardioxyl in 2015 for $2.1 billion.
During a recent interview, the top executive outlined that after taking “a bit of a sabbatical,” he had been busy looking around for a new biotech CEO role. He cited his main reason behind joining OvaScience, where he said that he really loved the idea that the provider showcased an incredible foundational science and an unmet medical need.
He revealed that he had looked at a wide range of companies in a bid to identify which one was the best for him. He had noticed that OvaScience had good people and also bore the kind of science that he thought of as transformational.
Kroeger, who happens to be Harvard Business School graduate as well as a former Boston resident who reportedly spend some time working with Genzyme for about a decade is expected to impact the company positively. His experience will help the company make tremendous steps in terms of business success. The company sees him as an asset worth investing in.