Impel Pharmaceuticals hit by another C-suite departure

Seattle-based Impel Pharmaceuticals Inc. (Nasdaq: IMPL) is losing another C-level executive.

In a Monday filing with the Securities and Exchange Commission, Impel said Chief Financial Officer Michael Kalb is leaving the company at the end of the year. His departure announcement comes after Adrian Adams resigned Nov. 4 as CEO, president and chairman of the board.

"Mr. Kalb’s resignation was not the result of any disagreement with the company on any matter relating to its operations, policies or practices, and we appreciate Mr. Kalb’s leadership during his time at Impel," a company spokesperson said in a statement to the Business Journal.

Kalb joined Impel just seven months ago, according to his LinkedIn page. Before that, he was CFO at CinCor Pharma for roughly five months. AstraZeneca acquired CinCor in February for a price of up to $1.8 billion depending on contingent payments. His LinkedIn page also notes he was CFO of Amarin Corp. for about six years and Taro Pharmaceuticals for about seven years.

The company spokesperson said Impel hasn't named a replacement for Kalb, but "will continue to announce material hires as they are determined."

Impel, founded in 2008, makes a nasal spray for migraines called Trudhesa that is delivered through the upper nasal space. Trudhesa gained Food and Drug Administration approval in September 2021. Impel says targeting the vascular-rich upper nasal space allows for rapid absorption.

Impel went public in April 2021 through an $80 million initial public offering. The company generated $5 million in revenue during the third quarter, up from $3.1 million during the same period last year. It operated at a $12.8 million loss during the third quarter.

In October, Impel announced it was exploring "strategic alternatives," including a sale of some or all of the company, or a merger. The company said in a news release it is conducting the process through the end of this year and aims to close any potential transaction no later than early next year. If Impel doesn't reach a deal, the company said "it may be necessary to seek additional financing or other alternatives for restructuring and resolving its liabilities."

Adams led Impel as CEO for almost four years and had multiple tenures as CEO at other biotechs. Leonard Paolillo, previously the company's chief commercial officer, took over as interim president and CEO.

On April 11, Impel received notice it wasn't complying with Nasdaq listing rules around the value of its listed securities and publicly held securities. Because the company failed to regain compliance, it got a letter Oct. 10 saying it faced delisting, which the company is appealing. The appeal pauses the potential delisting.