Spero Therapeutics, Inc. (SPRO), said on Friday that following a Wells Notice from the Securities and Exchange Commission, or SEC, related to certain public disclosures made in 2022, it has made certain interim changes to leadership.
Accordingly, the drug maker appointed Esther Rajavelu as Interim Chief Executive Officer, who is stepping in for Sath Shukla, who agreed to a voluntary paid administrative leave for an interim period.
The Board has also appointed Director, Frank Thomas as Chairman of the Board, stepping in for Ankit Mahadevia. Despite these two changes, both Shukla and Mahadevia will continue to serve as Board members.
The Wells Notice is related to certain public disclosures by the firm from March 31, leading up to the company's announcement on May 3, 2022, that it had determined to cease commercialization of Tebipenem HBr based on feedback from the Food and Drug Administration, and whether the disclosures may have violated the federal securities laws.
Spero added that Mahadevia and Shukla are cooperating with the SEC, and they maintain that the company's disclosures were appropriate.
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