CGON News & Events

Oncolytics (ONCY) announced the appointment of Steve Glover to its board of directors and the promotion of John McAdory to COO. Additionally, McAdory has been promoted to COO. As COO, he will oversee the company's clinical operations and development activities, preclinical research and development efforts, and will play a key role in strategic partnerships and broader business development initiatives. McAdory joined Oncolytics earlier this year after serving as VP of Clinical Operations at CG Oncology (CGON).

Wolfe Research notes that CG Oncology announced the departure of the company's COO Ambaw Bellete this morning. The departure sounds more operational in nature and is not indicative of any disruption to ongoing programs, the firm says. adding that the company noted that the change has no impact on CMC, BLA filing timing, or the PIVOT-006 trial. Wolfe also learned that the CCO was not involved in PIVOT-006, which remains blinded and is under Vijay's team. Shares are weak following the news, though the firm views this as a temporary blip and would expect focus to return to the upcoming readout, which it believes is likely to be positive. Wolfe has a Peer Perform rating on the stock.

In a regulatory filing, CG Oncology announced that on May 20, the company and Ambaw Bellete, the company's President & COO, agreed to his separation from the company to be effective June 30. The company thanks Bellete for his contributions and wishes him well in his next endeavors. The company has initiated a search for a Chief Commercial Officer. On May 20, the company's Board of Directors also approved the appointment of Arthur Kuan as President of the company, in addition to his other positions, in connection with Bellete's separation. Shares of CG Oncology are down nearly 4% to $61.69.