Insys Announces Saeed Motahari to Become President and Chief Executive Officer and Member of the Board of Directors Effective...
March 27 2017 - 7:00AM
Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company")
today announced that, effective April 17, 2017, Saeed Motahari,
will become the Company’s President and Chief Executive Officer
(“CEO”) and be appointed to the Company’s Board of Directors.
“We are excited that Saeed, a 20-year veteran of the life
sciences industry, has chosen to bring his immense depth of sales
and marketing, managed care, and commercial operations experience
to Insys. In particular, after a thorough and deliberate
search process, management and the Board of Directors strongly
believe that Saeed’s broad background and outstanding leadership
skills make him the right individual to advance the Company through
this critical stage of our development. We believe Saeed can
execute on the promise of this business including the anticipated
commercial launch of Syndros™ and the potential products in our
pipeline,” stated Steven Meyer, Chairman of the Board of
Directors.
“I am honored the Company’s Board of Directors has entrusted me
with this opportunity. The Company’s dual product platforms
of sublingual sprays and cannabinoids have the potential to address
the unmet medical needs of significant populations. I am
particularly impressed by the depth of the pipeline and excited
about the possibility of addressing patient needs in critical areas
like epilepsy and breakthrough cancer pain. I look forward to
working with the Insys management team and Board of Directors to
continue the Company’s focus on putting the needs of patients first
in everything we do, while ensuring long term value for the Insys
stockholders,” stated Mr. Motahari.
About Mr. MotahariMr. Motahari joins Insys from
Purdue Pharma L.P. where he was Chief Commercial Officer since May
2014 leading a successful transformation of the commercial
organization as well as contributing to the business development
strategy.
Prior to Purdue, from 2004 – 2014, Mr. Motahari worked at Abbott
Laboratories and AbbVie, including serving as Vice President of US
Specialty Brands – New Launches. Mr. Motahari also held
P&L responsibility for Specialty Franchises in the Renal,
Oncology, Endocrinology, Acute Care, Virology and Neuroscience
therapeutic areas. He also led various commercial organizations at
Abbott Laboratories, Bristol-Myers Squibb and Hoffmann-La Roche in
managed care, commercial operations, global analytics and new
product development.
Mr. Motahari received a BS in Biology and holds a Master’s of
Business degree from Concordia University, Montreal, Canada.
About InsysInsys 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 expectation that Mr.
Motahari’s broad background and strong leadership skills make him
the right individual to shepherd the Company through this critical
stage of its development and to execute on the promise of this
business including the anticipated commercial launch of Syndros™
and the potential products in the Company’s pipeline, (ii) the
anticipated launch of SYNDROS, (iii) the belief that the Company
has the potential to benefit patients in areas of unmet medical
needs and (iv) 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
212-452-2793
E: INSYS@insysrx.com
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