CFO of Marin County's Ultragenyx Pharmaceutical announces departure
Ultragenyx Pharmaceutical Inc. (Nasdaq: RARE), a Novato-based maker of treatments for serious rare and ultrarare diseases, on Tuesday announced that its chief financial officer will be resigning.
Executive Vice President Shalini Sharp plans to step down once a replacement is found or by Sept. 2, the announcement said. She would then stay on for six months to help with the transition.
“This decision is based on my personal desire to spend more time with my family, and I could not be more excited and optimistic about the future of Ultragenyx,” Sharp said in a statement. Focusing more time on her advisory role on the boards of directors at other biotechnology companies was another reason given for her planned departure.
The company CEO praised Shalini’s financial and strategic leadership as “a pillar of our tremendous progress.”
“She joined as our first finance employee in 2012 and has successfully managed our financing through going public and beyond, as well as represented the company to investors,” said Emil D. Kakkis, M.D., Ph.D., CEO and President. “We are extremely grateful for her contributions in growing Ultragenyx from a small private company to a global, publicly-traded, biopharmaceutical company with multiple approved therapies and a robust pipeline. As she moves toward her transition, Shalini has put us in a strong financial position to continue to execute on our vision to bring therapies to patients with limited options.”
Sharp joined Ultragenyx in 2012 and is responsible for the company’s finance, investor relations, strategic planning, and information technology functions. She also serves on the board of directors of Neurocrine Biosciences, Sutro Biopharma, Precision Biosciences, and the TB Alliance.
On Feb. 14, the company reported that its net loss more than doubled to $402.7 million, or $7.12 per share, from a year before. But revenue doubled over the year, to $103.7 million, from $51.5 million.
News of Sharp’s resignation parallels an announcement from another Marin County maker of treatments for rare diseases. San Rafael-based BioMarin Pharmaceutical on Feb. 3 said Dan Spiegelman is exiting as of Sept. 1 after 17 years with the company.