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MONMOUTH JUNCTION, N.J. (AP) — Lung disease drug developer Insmed Inc. said Tuesday that President and CEO Tim Whitten resigned from the company, and it named Will Lewis as his replacement.
Whitten is also resigning from the company's board of directors. He had been president and CEO of Insmed for six years, and the company did not disclose a reason for his departure.
Lewis, 43, becomes the company's new president and CEO effective immediately. He is a co-founder and former president and chief financial officer of Aegerion Pharmaceuticals Inc.
Insmed is developing a drug called Arikace, which is designed to treat lung infections in cystic fibrosis patients. The company announced earlier that year that Chief Financial Officer Kevin Tully will leave the company Dec. 1, when his contract expires. Insmed said Tully decided to leave for family reasons.
Insmed shares were unchanged at $3.40 in afternoon trading. The stock is up about 11 percent in the year to date.