Dr. Stuart Peltz retired as chief executive officer of South Plainfield-based PTC Therapeutics, the company he founded and has led since 1998.
The March 24 announcement comes as the company celebrates its 25th anniversary in business.
Peltz is known as a rare disease pioneer in the area of RNA-directed drug development.
In a press release announcing his retirement, the company noted that under Peltz’s leadership, PTC has grown from a research organization with expertise in the control of RNA processes to a publicly traded, integrated, global biopharmaceutical company focused on the discovery, development and commercialization of innovative therapies for the treatment of neurological and neuromuscular disorders, metabolic disorders and cancer.
PTC named current Chief Operating Officer Dr. Matthew Klein as its new CEO, effective immediately; he will also join the board of directors.
Peltz will serve as senior consultant to the company and join its Scientific Advisory Board.
“I have been involved with PTC almost since its inception. What Stuart and the team have achieved in 25 years is extraordinary,” said Michael Schmertzler, chairman of the board of directors. “The board and I are confident in the team Stuart has built and their ability to continue to deliver transformative treatments to those living with rare diseases. We wish Stuart all the best in his future endeavors and look forward to his continuing contributions to the company.”
Klein joined PTC in 2019, following a stint as CEO and chief medical officer at BioElectron Technology Corp. PTC acquired BioElectron’s assets that year.
Klein started at PTC as global head of mitochondrial therapies and then assumed the role of chief development officer prior to being promoted to COO last January. During his time at the company, Klein has overseen its broad development pipeline – now with five ongoing registration-directed clinical trials – and headed efforts to achieve European Medicines Agency (EMA) approval for Upstaza, the first ever gene therapy directly administered to the brain.
“The PTC team and patients and families around the world have benefited from Stu’s scientific expertise and leadership. I am grateful to the board for its confidence in appointing me as his successor,” said Klein in a statement. “I am extremely proud to have the opportunity to lead PTC’s experienced and dedicated team into its next quarter century as we advance our pioneering science to develop valuable and transformative therapies for children and adults with unmet medical needs.
“We will enrich PTC’s unwavering commitments to patients and to prudent enterprise growth based on our robust product portfolio, global commercial infrastructure, and unique scientific and drug development strengths,” he said.