Trovagene, a cell-free molecular diagnostics company in San Diego, California, has terminated the employment of CEO Antonius Schuh and CFO Stephen Zaniboni for withholding new therapeutics in the field of precision medicine for their own benefit. The firm filed a complaint against Schuh and Zaniboni for breach of fiduciary duty, which was filed in the Superior Court of the State of California for the County of San Diego. The complaint requests Schuh and Zaniboni to turn over their interests in these new therapeutics to Trovagene.
According to an official statement, the Board of Trovagene has appointed Thomas Adams, the company’s board chairman since 2009, as CEO on an interim basis. The CFO replacement remains unknown. Adams hosted an investor conference call on March 29.
“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,” stated Adams.
For the year ended December 31, 2015, Trovagene reported a net loss of $27.5 million, or $1.21 per fully diluted common share, as compared to a net loss of $14.3 million, or $0.88 per fully diluted common share, for the year ended December 31, 2014. The increase in net loss is primarily due to increased operating expenses versus the prior year comparable period.