Lagging Techniclone Names Consultant Temporary CEO

Techniclone Corp., a developer of experimental cancer treatments, named a temporary chief executive to replace Lon H. Stone until the struggling biotech firm can recruit a permanent successor.

The Tustin company appointed Thomas R. Testman, a health-care industry consultant, to refocus the company over the next few months in an effort to boost its value. Testman, 61, is a retired partner at the Ernst & Young accounting firm.

Stone, 55, who stepped down last week as chief executive, remains Techniclone’s chairman but is no longer active in its day-to-day management.

The company’s stock has dropped from about $6 a share in the Nasdaq market a little more than a year ago to a trading range of less than 50 cents a share. The stock closed Monday at 59 cents, off 6 cents. (Barbara Marsh)