Investing.com -- Olema Pharmaceuticals Inc (NASDAQ:OLMA) stock dropped 2.9% in after-hours trading on Friday following the announcement that Chief Operating and Financial Officer Shane Kovacs will be leaving the company.
The clinical-stage biopharmaceutical company said Kovacs will depart effective January 30, 2026, to pursue new opportunities, though he will continue in a consulting capacity through August 1, 2026. CEO Sean P. Bohen has assumed the role of interim Principal Financial Officer while the company begins its search for a new CFO.
"Since joining Olema in 2020, Shane has been a valuable member of our team, helping to lead and grow the Company as we have progressed palazestrant through late-stage clinical development and expanded our pipeline," said Bohen in a statement.
Kovacs played a key role in building the company’s finance team and establishing a strong capital position, according to the announcement. The company, which focuses on developing targeted therapies for breast cancer, will immediately begin searching for a new Chief Financial Officer.
Olema Pharmaceuticals is currently advancing its lead candidate palazestrant through clinical trials while continuing to expand its pipeline of breast cancer treatments.
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