Spectrum Pharmaceuticals Announces Leadership Changes
December 17 2017 - 6:59PM
Business Wire
Joseph W. Turgeon Named President and CEO and
Elected to the Board of Directors
Thomas J. Riga Named Chief Operating
Officer
Stuart M. Krassner, ScD, PsyD Named Chairman of
the Board
Spectrum Pharmaceuticals, Inc. (NasdaqGS:SPPI), a biotechnology
company with fully integrated commercial and drug development
operations with a primary focus in Hematology and Oncology, today
announced that its Board of Directors has terminated Rajesh C.
Shrotriya, MD without cause from his position as Chief Executive
Officer, and announced leadership changes under which Joseph W.
Turgeon, the current President and Chief Operating Officer, has
been named President and Chief Executive Officer and elected to the
Board of Directors, and current Director Stuart M. Krassner, ScD,
PsyD, has been named Chairman of the Board. In addition, Thomas J.
Riga, who currently serves as Executive Vice President, Chief
Commercial Officer and Head of Business Development, has been named
Chief Operating Officer. These changes are effective
immediately.
“The Board of Directors thanks Dr. Shrotriya for his
contributions to Spectrum over the past fifteen years,” said Dr.
Krassner, Chairman. “The Board believes that now is the right time
to effect these leadership changes. Mr. Turgeon and Mr. Riga have
nearly 50 years of combined industry experience and the Board
believes that they are the right leaders for Spectrum as the
Company enters its next chapter.”
“I am honored to serve as Spectrum’s next CEO and appreciate the
confidence the Board has placed in me to guide the Company
forward,” said Mr. Turgeon, President and CEO. “We are at an
exciting point in Spectrum’s history, and I look forward to driving
the operation forward as we maintain our focus on our product
pipeline.”
Mr. Turgeon brings more than 30 years of experience in the
pharmaceutical industry, including various executive leadership
roles at Amgen Inc. He had served as Spectrum’s President and Chief
Operating Officer since April 2014, and had previously served as
the Company’s Senior Vice President and Chief Commercial Officer
from October 2012 to April 2014. Prior to joining Spectrum, Mr.
Turgeon spent 22 years at Amgen Inc. as Vice President of
Sales.
Mr. Riga brings over 15 years of pharmaceutical sales and
management experience in various positions at Amgen, Eli Lilly and
Dendreon, including as Vice President of Sales at Dendreon. He had
served as Spectrum’s Executive Vice President, Chief Commercial
Officer and Head of Business Development since June 2017, and
previously served as Spectrum’s Senior Vice President and Chief
Commercial Officer from August 2014 to June 2017, and Vice
President, Corporate Accounts from July 2013 to August 2014.
Dr. Krassner has served as a director of Spectrum since December
2004, and was previously a member of Spectrum’s Scientific Advisory
Board from 1996 to 2001. Dr. Krassner's career spans nearly four
decades of experience in positions of increasing responsibility at
the University of California at Irvine, most recently as Professor
of Developmental and Cell Biology at the School of Biological
Sciences. Dr. Krassner is Professor Emeritus, University of
California, Irvine and has also been retained by pharmaceutical,
medical device and other companies, including Allergan
Pharmaceuticals, Lasermed Corporation, Automated Microbiology
Systems, and In Vitro International, among others, to provide
scientific and regulatory advisory services, including FDA
compliance. He is a past member of the American Academy for the
Advancement of Sciences, and the American Society of Tropical
Medicine and Hygiene, among others.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company
focused on acquiring, developing, and commercializing drug
products, with a primary focus in Hematology and Oncology. Spectrum
currently markets six hematology/oncology drugs, and has an
advanced stage pipeline that has the potential to transform the
Company. Spectrum's strong track record for in-licensing and
acquiring differentiated drugs, and expertise in clinical
development have generated a robust, diversified, and growing
pipeline of product candidates in advanced-stage Phase 2 and Phase
3 studies. More information on Spectrum is available at
www.sppirx.com.
Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of Spectrum Pharmaceuticals that involve risks and
uncertainties that could cause actual results to differ materially.
These statements are based on management's current beliefs and
expectations. These statements include, but are not limited to,
statements that relate to Spectrum's business and its future,
including Spectrum's ability to identify, acquire, develop and
commercialize a broad and diverse pipeline of late-stage clinical
and commercial products, and any statements that relate to the
intent, belief, plans or expectations of Spectrum or its
management, or that are not a statement of historical fact. Risks
that could cause actual results to differ include the possibility
that Spectrum's existing and new drug candidates may not prove safe
or effective, the possibility that our existing and new
applications to the FDA and other regulatory agencies may not
receive approval in a timely manner or at all, the possibility that
our existing and new drug candidates, if approved, may not be more
effective, safer or more cost efficient than competing drugs, the
possibility that our efforts to acquire or in-license and develop
additional drug candidates may fail, our dependence on third
parties for clinical trials, manufacturing, distribution and
quality control and other risks that are described in further
detail in the Company's reports filed with the Securities and
Exchange Commission. The Company does not plan to update any such
forward-looking statements and expressly disclaims any duty to
update the information contained in this press release except as
required by law.
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