Cingulate places CEO on administrative leave, names interim leadership

Cingulate Inc. (NASDAQ: CING) announced that its board of directors has placed Chairman and Chief Executive Officer Shane J. Schaffer on administrative leave in connection with ongoing legal matters unrelated to the company and its operations.

The biopharmaceutical company appointed Chief Financial Officer Jennifer Callahan as interim CEO while she retains her CFO responsibilities. Board member Jay Roberts has been named Executive Chairman.

Callahan joined Cingulate in 2017 and previously worked in various roles in Deloitte's audit practice. She holds a CPA designation and received a bachelor's degree in accounting and finance from Creighton University.

Roberts stated that Cingulate remains committed to bringing CTx-1301 to patients with attention-deficit/hyperactivity disorder following the company's new drug application filing submission to the FDA in July.

The company's executive team includes Dr. Matt Brams as Co-Founder and Chief Medical Officer, Dr. Raul Silva as Co-Founder and Chief Science Officer, and Nilay Patel as Chief Legal Officer.

Cingulate is a Kansas City-based biopharmaceutical company that uses its proprietary PTR drug delivery platform technology to develop pharmaceutical products focused initially on ADHD treatment, with plans to evaluate additional therapeutic areas including anxiety disorders.

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