By VentureWire Staff Reporters 10/10/2005 Alongside an August decision to move towards partnership of its platform with pharma instead of a product-driven business strategy, Chief Executive Sylvie Gregoire vacated her position at Lebanon, N.H.-based GlycoFi Inc.
A replacement has not been named, but alongside Gregoire's exit, GlycoFi co-founder and former CEO Charles Hutchinson has taken the helm as president.
Gregoire, an executive vice president of technical operations at Biogen Inc., joined the company in October 2004. Hutchinson said she departed as the company decided not to pursue the internal development of drug candidates from its yeast-driven protein expression technology. The company instead switched back to its original business plan of partnering with large drug developers to improve and manufacture their molecules.
Hutchinson co-founded GlycoFi in the spring of 2000. Before that, he was dean of the Thayer School of Engineering at Dartmouth College. He has also served as the co-founder of Medical Media Systems, Inc., and Dilon Technologies.
GlycoFi recently raised an $11 million Series C extension from existing shareholders Polaris Venture Partners, SV Life Sciences, Boston Millenia Partners, Fletcher Spaght Ventures, Village Ventures and Borealis Ventures as well as new investors International Biotechnology Trust, Peninsula Equity Partners and Eli Lilly & Co.
That round saw its first close at $10 million in December 2003. Prior to that, it raised $7.6 million following its inception in May 2000.
GlycoFi has 58 employees.