Helus Pharma (NASDAQ: HELP) (Cboe CA: HELP) announced that Michael Cola has stepped down as Chief Executive Officer effective immediately at the request of the Board. Co-founder and Executive Chairman Eric So has been appointed Interim CEO while the company conducts a search for a permanent successor. The leadership transition is intended to ensure continuity as Helus Pharma advances its clinical pipeline, including the anticipated fourth-quarter topline data readout from the APPROACH trial of HLP003, while maintaining focus on long-term value creation for patients and shareholders.
Eric So, co-founder of Helus Pharma, brings extensive experience in the pharmaceutical industry and a deep understanding of the company's strategic vision. His appointment as interim CEO is expected to provide stability during a critical period for the company, which is developing novel serotonergic agonists (NSAs) designed to promote neuroplasticity and address unmet needs in mental health. Helus Pharma's lead candidate, HLP003, is in Phase 3 clinical development for the adjunctive treatment of major depressive disorder and has received Breakthrough Therapy Designation from the U.S. Food and Drug Administration. The company also has HLP004 in Phase 2 for generalized anxiety disorder, along with an extensive research portfolio of investigational NSAs.
The departure of Michael Cola comes at a pivotal time for Helus Pharma, as investors and analysts closely watch the upcoming data from the APPROACH trial. The results, expected in the fourth quarter, could significantly impact the company's valuation and its position in the mental health treatment landscape. The board's decision to appoint So as interim CEO suggests a desire to maintain strategic continuity and leverage his deep familiarity with the company's science and operations. The search for a permanent CEO will likely consider candidates with strong commercial and regulatory experience to guide Helus Pharma through the later stages of clinical development and potential market entry.
Helus Pharma, the commercial operating name of Cybin Inc., is a clinical-stage pharmaceutical company committed to developing proprietary NSAs that activate serotonin pathways believed to promote neuroplasticity. The company's goal is to provide durable improvements in mental health for individuals suffering from depression, anxiety, and other conditions. With operations in Canada, the United States, the United Kingdom, and Ireland, Helus Pharma aims to improve the treatment landscape through its innovative pipeline. For more details, the full press release is available at https://ibn.fm/3Gp8X. Additional information about the company can be found at www.helus.com.
