TherapeuticsMD Further Strengthens Board with Appointment of New Independent Director
April 22 2020 - 6:50AM
Business Wire
– Karen L. Ling Appointed as Independent
Director –
On behalf of the Board of Directors of TherapeuticsMD, Inc.
(NASDAQ: TXMD), an innovative, leading women’s healthcare company,
Chairman Tommy G. Thompson today announced the appointment of Karen
L. Ling to the Company’s Board of Directors.
“We are excited to welcome Karen to the TherapeuticsMD Board of
Directors. Karen is an accomplished executive with experience
leading the human resources functions at a variety of companies and
has spent the majority of her career in women’s health,” said
former Governor and Secretary of Health and Human Services,
Thompson. “We believe that Karen’s skill set will further
complement our Board of Directors and our Company’s recent
transformation into a commercial organization.”
“I'm delighted to be joining the Board of Directors of
TherapeuticsMD. With its mission to improve the health and welfare
of women, TherapeuticsMD brings much needed innovation and
investment to the women’s healthcare market. This appointment also
has special meaning for me. I built my career at Wyeth, Merck and
Allergan when those companies had significant women's healthcare
presences,” said Ms. Ling. “With TherapeuticsMD, I join a company
dedicated to women’s healthcare and developing products with large,
undervalued market opportunities. I look forward to working with
the Board and management team.”
Ms. Ling is an accomplished human resources executive with more
than 25 years of pharmaceutical experience. Ms. Ling joined
American International Group, Inc. (AIG) as its Executive Vice
President and Chief Human Resources Officer in July 2019 and is
responsible for aligning AIG’s talent strategy with the company’s
long-term strategic, operational and financial objectives. She
oversees all aspects of human capital management, including talent
development, talent acquisition, training, compensation and
benefits, and diversity and inclusion. Ms. Ling joined AIG from
Allergan plc, where she served as Executive Vice President and
Chief Human Resources Officer from 2015 to 2019. Prior to its
acquisition of Allergan, Ms. Ling was Senior Vice President, Human
Resources and Chief Human Resources Officer at Actavis plc.
Previously Ms. Ling was Senior Vice President of Human Resources
for Merck Global Human Health and Merck Consumer Care. Prior to
that role, she was Vice President of Global Compensation and
Benefits at Merck. Prior to its acquisition by Merck, she was Group
Vice President, Global Compensation & Benefits at
Schering-Plough. Ms. Ling also spent 14 years at Wyeth in various
positions of increasing responsibility, most recently as Vice
President of Employee Benefits and Compensation. Prior to joining
Wyeth, she practiced corporate law with Goldstein and Manello, P.C.
in Boston. Ms. Ling holds a J.D. from Boston University School of
Law and a B.A. from Yale University.
As part of the Board’s continued review of its composition and
effectiveness, the Board has reduced its size from eleven directors
to nine directors. In connection with this reduction in size,
directors Robert V. LaPenta, Jr. and Jane Barlow, M.D. agreed to
resign from the Board, effective April 16, 2020. Following the
appointment of Ms. Ling, the Company’s Board of Directors consists
of nine members with no vacancies.
In connection with Mr. LaPenta, Jr.’s resignation, Mr. Angus C.
Russell was appointed as the Chairman of the Company’s Audit
Committee and Mr. Paul M. Bisaro was appointed as a member of the
Audit Committee.
“Our Board of Directors has determined that this is the right
time to reduce the size of the Board to nine members. As a result
of and in support of this action, Rob LaPenta and Jane Barlow have
decided to resign from the Board now in advance of the Company’s
2020 Annual Meeting of Stockholders. The Board and I would like to
thank Rob and Jane for their service and contributions to the
Company. Rob joined the Board in 2012 and was an integral advisor
on financial matters during our drug development process. Jane has
provided invaluable guidance to the Company during its three
commercial launches,” said former Governor and Secretary of Health
and Human Services Thompson. “We wish Rob and Jane well in their
future endeavors and are happy that both have agreed to remain
advisors to the Company.”
About TherapeuticsMD
TherapeuticsMD, Inc. is an innovative, leading healthcare
company, focused on developing and commercializing novel products
exclusively for women. Our products are designed to address the
unique changes and challenges women experience through the various
stages of their lives with a therapeutic focus in family planning,
reproductive health, and menopause management. The Company is
committed to advancing the health of women and championing
awareness of their healthcare issues. To learn more about
TherapeuticsMD, please visit www.therapeuticsmd.com or follow us on
Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements relating to TherapeuticsMD’s
objectives, plans and strategies as well as statements, other than
historical facts, that address activities, events or developments
that the company intends, expects, projects, believes or
anticipates will or may occur in the future. These statements are
often characterized by terminology such as "believes," "hopes,"
"may," "anticipates," "should," "intends," "plans," "will,"
"expects," "estimates," "projects," "positioned," "strategy" and
similar expressions and are based on assumptions and assessments
made in light of management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and the company undertakes no duty to update or
revise any such statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of the company’s control.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in the sections titled "Risk Factors" in
the company’s filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, as well as reports on Form 8-K, and include
the following: the effects of the COVID-19 pandemic; the company’s
ability to maintain or increase sales of its products; the
company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®,
BIJUVA® and its hormone therapy drug candidates and obtain
additional financing necessary therefor; whether the company will
be able to comply with the covenants and conditions under its term
loan facility, including the conditions to draw an additional
tranche thereunder and whether the lender will make such tranche
available; the potential of adverse side effects or other safety
risks that could adversely affect the commercialization of the
company’s current or future approved products or preclude the
approval of the company’s future drug candidates; whether the FDA
will approve the efficacy supplement for the lower dose of BIJUVA;
the company’s ability to protect its intellectual property,
including with respect to the Paragraph IV notice letters the
company received regarding IMVEXXY and BIJUVA; the length, cost and
uncertain results of future clinical trials; the company’s reliance
on third parties to conduct its manufacturing, research and
development and clinical trials; the ability of the company’s
licensees to commercialize and distribute the company’s products;
the ability of the company’s marketing contractors to market
ANNOVERA; the availability of reimbursement from government
authorities and health insurance companies for the company’s
products; the impact of product liability lawsuits; the influence
of extensive and costly government regulation; the volatility of
the trading price of the company’s common stock and the
concentration of power in its stock ownership. PDF copies of the
company’s historical press releases and financial tables can be
viewed and downloaded at it website:
www.therapeuticsmd.com/pressreleases.aspx.
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version on businesswire.com: https://www.businesswire.com/news/home/20200422005238/en/
Investor Contact Nichol
Ochsner Vice President, Investor Relations 561-961-1900, ext. 2088
Nochsner@TherapeuticsMD.com
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