Insys Therapeutics Announces Retirement of Dr. John N. Kapoor as CEO and Chairman; Appoints Dr. Santosh Vetticaden as Interim...
January 09 2017 - 6:50AM
Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company")
today announced that Dr. John N. Kapoor, its Founder, President and
Chief Executive Officer (“CEO”) and Chairman of the Company’s Board
of Directors (“Board”) will retire as President and CEO and
Chairman effective January 9, 2017. Dr. Kapoor will remain a
member of the Board and will Chair the newly formed Science and
Research and Development Committee of the Board.
In connection with Dr. Kapoor’s retirement, the Board has
appointed Dr. Santosh Vetticaden as Interim Chief Executive Officer
and Steven Meyer as Chairman of the Board, effective January 9,
2017.
Dr. Vetticaden joined the Company in April 2015 and currently
serves as the Company’s Chief Medical Officer. He has pursued a
passion for drug development and commercialization for over 20
years in diverse areas ranging from cardiovascular disease,
infectious disease and orphan drug development for hemophilia and
pediatric epilepsy. Dr. Vetticaden has previously served as the
Chief Medical Officer for multiple public companies and has held
leadership positions at Johnson & Johnson, Aventis (now
Sanofi), Cubist Pharmaceuticals and has previously served on the
board of Amplyx Pharmaceuticals, a private biotech company.
Dr. Vetticaden currently serves on the board of Public Health
Foundation Enterprise a non-profit organization devoted to
population health. Dr. Vetticaden received his PhD from the
Virginia Commonwealth University, his MD from the University of
Maryland and his MBA from the Sloan School of Management at the
Massachusetts Institute of Technology.
Mr. Meyer has served on the Board since November 2010 and
currently serves as Chair of the Audit Committee as well as a
member of the Compliance Committee.
In September 2016, the Company previously announced that the
Board had commenced a search to identify Dr. Kapoor’s successor as
CEO and that process continues. This CEO search is being
conducted by a special committee, comprised of independent Board
members, namely Mr. Meyer, Patrick P. Fourteau and Pierre
Lapalme.
Dr. Vetticaden stated, “It is an honor to succeed Dr. Kapoor as
Interim CEO. In many ways, Insys is still an R&D company
with our corporate efforts primarily focused on developing a
promising pipeline of products aimed at benefitting patients in
need. I am encouraged by the progress of our pipeline since
joining the Company. I believe that Insys is the world leader in
sublingual sprays and with our impressive cannabinoid platform, we
have much more to accomplish on the R&D front. On the
commercial side, in the short term and once our scheduling is
finalized, I look forward to executing on the anticipated launch of
SYNDROS™.”
Mr. Meyer stated, “I am confident that Dr. Vetticaden will serve
Insys and its stockholders well during this interim period. I
am proud to step into the Chairman role. The Board is
grateful for Dr. Kapoor’s innumerable contributions as Founder,
Chairman and CEO. We wish to honor his desire to retire from
his prominent roles in the Company and we are pleased that he will
remain a Director and a creative force in our R&D efforts.”
Dr. Kapoor stated, "I stepped into the role of CEO more than a
year ago to rebuild the Company from an operational perspective. As
I take on a more focused role, I believe Insys is in a better place
operationally and positioned to overcome the challenges of the
past. I also believe that we have laid out a vision for the Company
that gives me great confidence about the future success of Insys
and our potential to benefit patients in areas of unmet medical
needs."
About Insys Therapeutics, Inc.
Insys Therapeutics is a specialty pharmaceutical company that
develops and commercializes innovative drugs and novel drug
delivery systems of therapeutic molecules that improve the quality
of life of patients. Using proprietary sublingual spray technology
and capabilities to develop pharmaceutical cannabinoids, Insys is
developing a pipeline of products intending to address unmet
medical needs and the clinical shortcomings of existing commercial
products. Insys currently markets one product, SUBSYS® (fentanyl
sublingual spray) but has received approval for the marketing of
SYNDROS™ (dronabinol oral solution), a proprietary, orally
administered liquid formulation of dronabinol that Insys believes
has distinct advantages over the current formulation of dronabinol
in soft gel capsule. Insys is committed to developing
medications for potentially treating addiction to opioids, opioid
overdose, epilepsy, and other disease areas with high unmet
need.
SUBSYS® and SYNDROS™ are trademarks of Insys
Development Company, Inc., a subsidiary of Insys Therapeutics,
Inc.
Forward-Looking Statements This press release
contains forward-looking statements, including statements regarding
(i) the belief that Insys is the world leader in sublingual sprays
and the national leader in cannabinoid research, (ii) the
anticipated scheduling and launch of SYNDROS, (iii) the belief that
the Company is operationally in a better place and positioned to
overcome the challenges of the past, (iv) the belief that the
Company has the potential to benefit patients in areas of unmet
medical needs and (v) the belief that SYNDROS has distinct
advantages over the current formulation of dronabinol in soft gel
capsule. These forward-looking statements are based on management's
expectations and assumptions as of the date of this press release,
and actual results may differ materially from those in these
forward-looking statements as a result of various factors, many of
which are beyond our control. For a description of these risks
facing the company, please see the risk factors described in our
filings with the United States Securities and Exchange Commission,
including those factors discussed under the caption "Risk Factors"
in our Annual Report on Form 10-K for the year ended December 31,
2015 and any subsequent updates that may occur in our Quarterly
Reports on Form 10-Q. Forward-looking statements speak only as of
the date of this press release, and we undertake no obligation to
update or revise these statements, except as may be required by
law.
Contact:
Lisa M. Wilson
President
In-Site Communications, Inc.
T: 212-452-2793
E: lwilson@insitecony.com
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