CombinatoRx Names New CEO

Luke Timmerman1/6/10

Cambridge, MA-based CombinatoRx (NASDAQ: CRXX) said today it has named Mark Corrigan as its new CEO, following the merger with NeuroMed Pharmaceuticals. Corrigan, 52, is the former executive vice president of R&D at Sepracor and a director of CombinatoRx. He will be paid an annual base salary of $450,000, may get a bonus worth half his base salary, and could get restricted stock units worth as much as 3 percent of the company’s market capitalization if CombinatoRx’s lead pain drug wins FDA approval by October 1, according to a regulatory filing. Robert Forrester, the former chief operating officer, is leaving the company, while NeuroMed’s former CEO, Christopher Gallen, will stay as executive vice president of R&D.

Luke Timmerman is the National Biotech Editor of Xconomy, and the Editor of Xconomy Seattle. E-mail him at ltimmerman@xconomy.com or follow him on Twitter at twitter.com/ldtimmerman.