San Diego-based Trovagene, a developer of diagnostic tests, fired its two top executives Monday, accusing them of withholding a new therapeutic discovery for their own benefit.
The company’s board terminated the employment of CEO Antonius Schuh and CFO Stephen Zaniboni and filed a lawsuit in Superior Court alleging a breach of fiduciary duty.
“Dr. Schuh and Mr. Zaniboni failed to present a lucrative corporate opportunity to Trovagene concerning promising new therapeutics in the field of precision medicine and instead took that opportunity for their own personal benefit,” the company said in a statement.
The board has appointed its chairman, Thomas Adams, as interim CEO. Adams was the founder of the successful medical device manufacturer Gen-Probe.
“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,” Adams said.
The company is developing medical tests based on proprietary technology for the detection and monitoring of DNA in urine.
In its most recent financial report, Trovagene reported a net loss of $20.1 million for the first nine months of 2015, as compared to a net loss of $9.7 million in the previous year.
