The Co-founder and Chief Executive officer of leading genomics startup 54gene, Abasi Ene-Obong, has stepped down from his role barely two months after the company laid off 95 of its staff members.
A month ago, the startup’s Co-founder and VP of Engineering, Ogochukwu Francis Osifo, also resigned for unknown reasons.
A statement by the company, seen by Nairametrics, explained that 54gene’s General Counsel, Teresia L. Bost, will assume the role of interim CEO. Bost will be supported in the meantime by the company’s Chief Operating Officer Delali Attipoe.
Meanwhile, Dr Ene-Obong will continue to support the company in the role of Senior Advisor and retain his position on the 54gene Board of Directors.
The statement by the company said Abasi’s exit was with an immediate effect.
Although the company did not give any reason for his decision to step down, recent events such as the earlier resignation of Osifo and the sacking of 95 employees (all within two months) suggest that things might not be going so well in the company.
What they are saying
54gene’s board Chairperson and Managing Partner at Adjuvant Capital, Jenny Yip, expressed the board’s gratitude to the former CEO for being “a champion of major strides made in the company”.
- “We thank Dr Ene-Obong for shining a light on the need to bring novel drugs to the world based on insights drawn from the healthcare and research ecosystem in Africa. His vision and innovation have positioned 54gene to make a long-term impact on people around the world, and his tenure as CEO has seen him record significant strides in Africa’s, and the global life sciences sector”, he said.
On his part, the outgoing CEO, Dr Abasi Ene-Obong expressed gratitude to the board and said he will continue to work with the company as it embarks on a new phase.
- “I have always believed that the scale of genetic diversity in Africa and other highly diverse populations will materially impact our understanding of biology and lead to better medicines and interventions for the global population, and I am proud of what has been achieved at 54gene. I will continue to support the company and the scientific ecosystem, particularly the African genomics ecosystem.
- “Teresia and Delali bring decades of experience in building and scaling high-impact global pharma companies, and they also have deep insight into the workings of 54gene. I am excited to see them take the company to its next phase,” he said.
What you should know
- Founded in 2019 by Ene-Obong, 54gene addresses the gap in the global genomics market where Africans make up less than 3% of genetic material used in pharmaceutical research despite being more genetically diverse than any other population.
- The project has received over $40 million from investors such as Adjuvant Capital, Y Combinator, and Cathay AfricInvest Innovation Fund (CAIF) and partnered with organizations like Illumina, Genentech, and Parexel.
- The company’s most recent funding was in September 2021 when it secured $25 million in a Series B round.