COPENHAGEN (Reuters) - Danish biopharmaceutical firm Neurosearch will replace its chief executive with its chief financial officer on July 1 as it continues to search for a global partnership for its Huntington's disease drug.
CEO Patrik Dahlen will be replaced by CFO Rene Schneider, Neurosearch said in a statement on Wednesday.
The company said in September it would restructure and intensify the focus on its Huntington's drug Huntexil.
"Patrik was appointed in 2010 with the purpose of optimizing the commercialization strategy for Huntexil," Neurosearch said in a statement on Wednesday.
"With the focus now upon establishing a global partnership for Huntexil, it is a natural step for Patrik to leave Neurosearch," it said.
Huntington's disease is a rare hereditary genetic disorder which leads to the degeneration of brain tissue.
Schneider will retain his current responsibilities, the company said.
The company faces the prospect of running out of cash in the first half of 2013 and is looking to raise capital and find a partner which can help finance further Huntexil studies, it said in April.
(Reporting by Mette Fraende; Editing by Hans-Juergen Peters)