CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Retirement of Chief Executive Officer

On March 27, 2017, Harold Van Wart informed the Board of Directors of CymaBay Therapeutics, Inc. (the “Company”) that he will retire from his position as President and Chief Executive Officer of the Company, effective as of April 14, 2017. Dr. Van Wart’s retirement was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company expects to enter into a severance agreement with Dr. Van Wart.

Further, on March 27, 2017, Dr. Van Wart informed the Board of Directors of the Company that he will not be standing for reelection to the Board at the upcoming annual meeting of directors.

Appointment of Interim Chief Executive Officer

On March 27, 2017, the Board of Directors of the Company appointed Sujal Shah as the Company’s Interim President and Chief Executive Officer, effective April 14, 2017. Mr. Shah, age 43, has served as the Company’s Chief Financial Officer since December of 2013. Prior to that he served as a consultant and acting Chief Financial Officer for the Company from June 2012 to December 2013. From 2010 to 2012, Mr. Shah served as Director, Health Care Investment Banking for Citigroup Inc., where he was responsible for managing client relationships and executing strategic and financing related transactions for clients focused in life sciences. From 2004 to 2010 Mr. Shah was employed with Credit-Suisse, last serving in the capacity as Vice President, Health Care Investment Banking Group. Mr. Shah received a MBA from Carnegie Mellon University—Tepper School of Business and M.S. and B.S. degrees in Biomedical Engineering from Northwestern University.

About CymaBay Therapeutics, Inc. (NASDAQ:CBAY)

CymaBay Therapeutics, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on developing therapies to treat metabolic diseases, including serious rare and orphan diseases. The Company’s product candidates include Arhalofenate, MBX-8025 and MBX-2982. Arhalofenate is used to treat gout. MBX-8025 is a selective agonist for the peroxisome proliferator-activated receptor delta (PPARd). The Company has completed over five Phase I clinical studies and a Phase II clinical study for MBX-8025. MBX-2982 is an oral, G-protein coupled receptor agonist being evaluated as a therapeutic agent for patients with Type 2 diabetes (T2DM), with a dual mechanism, including direct effects and indirect effects mediated by gastrointestinal hormones known as incretins on glucose-dependent insulin secretion, as well as potentially beneficial effects on islet health. The Company has completed over four Phase I clinical studies and a Phase II clinical study for MBX-2982.

CymaBay Therapeutics, Inc. (NASDAQ:CBAY) Recent Trading Information

CymaBay Therapeutics, Inc. (NASDAQ:CBAY) closed its last trading session 00.00 at 4.09 with 314,486 shares trading hands.