Liposome Technology Inc. completed the first phase of a management restructuring, with the announcement that CFO Peter Leigh will leave the Menlo Park, Calif., company. Chairman and CEO Nick Arvanitidis already has said he will retire as of July 1, and Medical Director Richard Mamelock has resigned.

The departures leave the company's board free to complete the transition by bringing in a new senior management team. The move comes as no surprise following LTIZ's less-than-stellar performance before an FDA advisory panel evaluating its application for marketing approval of Doxil to treat Kaposi's sarcoma (see BioCentury Extra, Feb. 15). The panel's favorable recommendation was