Sequenom Shares Climb 11 Percent, then Fall 13 Percent on News of CEO Schuh s Resignation

This update inlcudes share price information.

NEW YORK, Feb. 9 (GenomeWeb News) - Shares in Sequenom plunged 12.87 percent, or $.22, to $1.49 in mid-afternoon trading shares after the company said CEO Toni Schuh has resigned.

The shares closed up 11 percent at $1.71 after the company made the abrupt announcement last night, but the gains were quickly erased in overnight and early-morning trading today.

As GenomeWeb News reported this morning, Schuh has resigned as CEO of the company and as a director, according to a terse statement Sequenom issued last night. Steve Zaniboni, Sequenom's chief financial officer, will take over Schuh's position while the company looks for a permanent replacement, Sequenom said.

Schuh will remain as a consultant to Sequenom for up to 12 months, the company said.

According to  Pharmacogenomics Reporter, a GenomeWeb News publication, Schuh has been under pressure from his board to revive the high-throughout genotyping company after a fling with drug discovery hurt revenue growth and investor confidence, and  nearly cost the company its position on the Nasdaq exchange.

Since abandoning its drug-discovery business in August, Sequenom has turned its attention toward selling its flagship MassArray genotyping platform -- which has lagged behind rival instruments -- and has signed on new customers. The San Diego-based company is also attempting to grow its presence in the molecular diagnostics industry, and its share price has also rebounded.