Rafael resets after phase 3 flop, parting ways with 5 execs and reinstating telecom tycoon as CEO

Rafael Holdings is clearing out its C-suite. Weeks after the failure of its lead cancer drug, Rafael has disclosed the planned departures of five executives as it adapts to life without a near-approval asset.

Late last month, Rafael, an umbrella company covering drug developer Rafael Pharmaceuticals, reported the failure of devimistat in phase 3 clinical trials in pancreatic cancer and acute myeloid leukemia. The failures derailed Rafael’s plans to become a commercial-stage oncology company and thereby raised questions about the futures of people it hired to lead its evolution.