By Colin Kellaher
Aclaris Therapeutics, a leading clinical-stage biopharmaceutical company, has announced significant changes within its executive team as it embarks on a strategic review of its business.
On Tuesday, Aclaris revealed that Douglas Manion will be stepping down from his roles as president, chief executive, and member of the board. This decision was reached mutually between Manion and the Wayne, Pa., based company.
Neal Walker, a co-founder of Aclaris who previously served as CEO until 2022, will assume the position of CEO on an interim basis.
Manion joined Aclaris in August 2022 as president and chief operating officer, later taking on the role of CEO in January of the following year.
In addition to these leadership changes, Aclaris has initiated a comprehensive strategic review of its business operations. The purpose of this review is to identify the most effective ways to allocate capital in order to maximize shareholder return.
As of the end of 2023, Aclaris had approximately $182 million in cash, equivalents, and marketable securities. The company has not established a specific timeline for the completion of the strategic review.
It is important to note that Aclaris made significant workforce reductions in late 2023 after discontinuing its most advanced clinical program.
