Lagging Techniclone Names Consultant Temporary CEO
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TUSTIN — Techniclone Corp., a developer of experimental cancer treatments, named a temporary chief executive to replace Lon H. Stone until the struggling biotech firm can recruit a permanent successor.
The Tustin company appointed Thomas R. Testman, a health-care industry consultant, to refocus the company over the next few months in an effort to boost its value. Testman, 61, is a retired partner at the Ernst & Young accounting firm.
Stone, 55, who stepped down last week as chief executive, remains Techniclone’s chairman but is no longer active in its day-to-day management.
The company’s stock has dropped from about $6 a share in the Nasdaq market a little more than a year ago to a trading range of less than 50 cents a share. The stock closed Monday at 59 cents, off 6 cents. (Barbara Marsh)
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