Collegium Announces CEO Transition
May 09 2024 - 4:01PM
Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading,
diversified specialty pharmaceutical company committed to improving
the lives of people living with serious medical conditions, today
announced that effective May 24, 2024, Joe Ciaffoni will step down
as President and Chief Executive Officer (CEO) of the Company. Mr.
Ciaffoni will serve as a member of the Board of Directors of the
Company until the upcoming 2024 Annual Meeting of Shareholders and
will not stand for re-election at the meeting. To ensure a seamless
transition, Michael Heffernan, founder, former CEO and Chairman of
the Board will serve as Interim President and CEO until a new CEO
is appointed by the Board of Directors.
“In my time at Collegium, I have worked with an exceptional
group of colleagues. I am proud of our collective accomplishments
that made positive impacts on the lives of people living with
serious medical conditions and the communities we serve while
creating value for shareholders,” said Mr. Ciaffoni. “Collegium is
well positioned with a strong leadership team to recognize
additional growth and success.”
“On behalf of our entire Board, I want to thank Joe for his
leadership, commitment and innumerable contributions to our company
over the course of his career at Collegium,” said Mr. Heffernan.
“The Company is financially strong and well positioned to continue
its successful track record of creating shareholder value through
disciplined capital deployment. With a strong first quarter,
Collegium is on track to achieve its 2024 financial guidance and
has a strong executive leadership team that is poised to drive the
business forward.”
Gino Santini, Lead Independent Director of the Collegium Board
of Directors, added, “The Board is focused on ensuring a
seamless transition and identifying the right successor to lead
Collegium in its next chapter. As former CEO and founder of the
Company, Mike is well suited to lead Collegium through this
transition period. We are moving quickly and have already begun a
comprehensive search for our next CEO.”
About Collegium Pharmaceutical, Inc.
Collegium is a leading, diversified specialty pharmaceutical
company committed to improving the lives of people living with
serious medical conditions. Collegium’s headquarters are located
in Stoughton, Massachusetts. For more information, please
visit the Company’s website at www.collegiumpharma.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. We may, in some cases, use terms such as "predicts,"
"forecasts," "believes," "potential," "proposed," "continue,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "should" or other words that convey uncertainty
of future events or outcomes to identify these forward-looking
statements. Examples of forward-looking statements contained in
this press release include, among others, statements related to our
full-year 2024 financial guidance, including projected product
revenue, adjusted operating expenses and adjusted EBITDA, current
and future market opportunities for our products and our
assumptions related thereto, expectations (financial or otherwise)
and intentions, and other statements that are not historical facts.
Such statements are subject to numerous important factors, risks
and uncertainties that may cause actual events or results,
performance, or achievements to differ materially from the
company's current expectations, including risks relating to, among
others: unknown liabilities; risks related to future opportunities
and plans for our products, including uncertainty of the expected
financial performance of such products; our ability to
commercialize and grow sales of our products; our ability to manage
our relationships with licensors; the success of competing products
that are or become available; our ability to maintain regulatory
approval of our products, and any related restrictions,
limitations, and/or warnings in the label of our products; the size
of the markets for our products, and our ability to service those
markets; our ability to obtain reimbursement and third-party payor
contracts for our products; the rate and degree of market
acceptance of our products; the costs of commercialization
activities, including marketing, sales and distribution; changing
market conditions for our products; the outcome of any patent
infringement or other litigation that may be brought by or against
us; the outcome of any governmental investigation related to our
business; our ability to secure adequate supplies of active
pharmaceutical ingredient for each of our products and manufacture
adequate supplies of commercially saleable inventory; our ability
to obtain funding for our operations and business development;
regulatory developments in the U.S.; our expectations
regarding our ability to obtain and maintain sufficient
intellectual property protection for our products; our ability to
comply with stringent U.S. and foreign government
regulation in the manufacture of pharmaceutical products,
including U.S. Drug Enforcement Agency, or DEA, compliance;
our customer concentration; and the accuracy of our estimates
regarding expenses, revenue, capital requirements and need for
additional financing. These and other risks are described under the
heading "Risk Factors" in our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q and other filings with the SEC.
Any forward-looking statements that we make in this press release
speak only as of the date of this press release. We assume no
obligation to update our forward-looking statements whether as a
result of new information, future events or otherwise, after the
date of this press release.
Investor Contact:Christopher James, M.D.Vice
President, Investor Relationsir@collegiumpharma.com
Media Contact:Marissa SamuelsVice President,
Corporate Communicationscommunications@collegiumpharma.com
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