Irvine’s Nexell Therapeutics Adds CEO to President’s Title

Nexell Therapeutics Inc., which develops cell therapies for cancers and other diseases, has elevated president and chief operating officer William A. Albright Jr. to chief executive.

Albright, who helped craft the Irvine company’s strategy of moving more aggressively to develop cell therapies, replaces Richard L. Dunning, who remains chairman.

Albright will retain the president’s title, but the position of chief operating officer will be eliminated, the company said. He joined Nexell about two years ago as chief financial officer.

Dunning, who held the top spot since 1995, had wanted to step down since Nexell moved to Irvine from Wilmington, Del., nearly two years ago, Nexell spokesman Tad Heitmann said.

The company’s strategy calls for developing cell therapies for treating inherited blood disorders and such autoimmune diseases as multiple sclerosis, Heitmann said.

Nexell has never made a profit. Earlier this week, the company reported a fourth-quarter loss of $8.3 million, or 43 cents a share, compared with a loss of $9.9 million, or 55 cents a share, a year earlier. Revenue declined 23% to $4.3 million.

Nexell’s stock, which has lost more than 90% of its value over the last 12 months, closed Thursday at $2.72, off 19 cents, in Nasdaq trading.