Tustin Cancer-Fighting Firm Gets a Tested CEO

Techniclone Corp., the tiny Tustin developer of experimental treatments for cancer, said Wednesday it hired a veteran biotech executive with a personal motivation to find a cure for the disease.

The company named Larry O. Bymaster, 55, as its new president and chief executive, effective next Monday. Most recently, Bymaster worked as a consultant and cared for his wife, who died of breast cancer last year, a Techniclone official said.

Previously, Bymaster served as chief executive of the former Xytronyx Inc., a San Diego developer of cancer therapies that later changed its name to Pacific Pharmaceuticals Inc. He was Xytronyx’s chief executive from November 1992 to December 1996 and its chairman during the last two years of that period.

Bymaster takes the job at a time when Techniclone is trying both to recover from the ill effects of a private financing last year and take advantage of sudden investor interest in cancer research stocks.

Its stock fell from $5 a share a year ago to 78 cents last month, as investors in the private financing converted their preferred stock to common shares, diluting the stock’s value and driving down the price.

Last week, the stock recovered somewhat, as cancer research stocks swelled on investor excitement largely over promising developments in technologies of Techniclone and other firms.

The stock hit a high of $2 a share last Thursday, capping three days of frenetic trading in which Techniclone ranked among the most actively traded issues in U.S. markets.

Techniclone shares closed Wednesday at $1.94, up 38 cents, as more than 3 million shares changed hands.

At Xytronyx, Bymaster helped redirect a company that had attempted unsuccessfully to win regulatory approval for a kit used to detect periodontal disease.

The company began to focus on developing cancer treatments. Among other things, he oversaw development of a treatment for brain cancer that the company is testing in people.

“What we saw in Larry was a fellow who had broad business experience with publicly held companies, large and small,” said Thomas Testman, a consultant temporarily serving as Techniclone’s chief executive. “He’d been involved in arranging financing, acquisition, clinical trials, regulatory matters, licensing and partnership arrangements internationally.”

Testman, noting Bymaster’s involvement in his wife’s care, added, “We obviously recognized that he’d be highly motivated because of the emotional experience he’s had.”

Bymaster couldn’t be reached for comment.

Earlier this year, Testman replaced Lon Stone as chief executive. Stone remains chairman.

Bymaster previously held management posts at Illinois-based Baxter Healthcare Corp. and Cytotech Inc., a biotech company whose assets were sold to San Diego-based Quidel Corp.