MONMOUTH JUNCTION, N.J.,
May 16, 2012 /PRNewswire/ -- Insmed
Incorporated (Nasdaq CM: INSM), a biopharmaceutical company, today
announced the appointments of Donald J.
Hayden, Jr. as Executive Chairman of the Company's Board of
Directors, and Randall Whitcomb,
M.D. as the Lead Independent Director, effective immediately.
Mr. Hayden has served as Chairman of the Insmed Board of
Directors since December 2010. In his new role, Mr. Hayden
will continue to work closely with Insmed President and Chief
Executive Officer, Timothy Whitten,
and the management team, in executing on the development plan for
the Company's lead product, ARIKACE® (liposomal amikacin for
inhalation). He will also focus more directly on strategic
planning and corporate development.
"We are pleased that Don has agreed to serve as Executive
Chairman of the Company," said Timothy
Whitten, President and Chief Executive Officer of Insmed.
"I have worked very closely with Don over the past several
years, and he has been intimately involved in developing the
Company's plan for ARIKACE. Don has a long record of success
in the pharmaceutical and biotechnology industries, and his
insights and extensive executive-level experience will continue to
be tremendous assets as we move forward with our growth and
development initiatives."
"It is a privilege to have been asked by my fellow Board members
to serve as Executive Chairman of Insmed at this important stage of
the Company's development," said Mr. Hayden. "I look forward
to working with Tim and the management team as we continue to
advance ARIKACE and work to build value for shareholders."
In 2010, Mr. Hayden became Chairman of Insmed following the
merger with Transave. He had previously served as Executive
Chairman of Transave since April 2006. Mr. Hayden also
currently serves as Lead Independent Director of Amicus
Therapeutics and Director of Otsuka Pharmaceuticals. He also
serves in Board roles for several privately-held companies,
including Executive Chairman of Azelon Pharmaceuticals, Chairman of
Vitae Pharmaceuticals and Satori Pharmaceuticals, and Director
of Nora Therapeutics. Mr. Hayden is also a senior
advisor to Prospect Venture Partners, a venture capital firm.
From 1981 to 2006, he had a 25 year career with Bristol-Myers
Squibb Company, where he served in key executive roles such as
President of Global Pharmaceuticals; Executive Vice President and
President, Americas; Executive Vice President of the Health Care
Group; President of Oncology and Immunology; and Senior Vice
President of Worldwide Franchise Management and Business
Development. Mr. Hayden holds a B.A. from Harvard University and an M.B.A. from Indiana University.
Dr. Whitcomb has been a member of Insmed's Board since
November 2001. Since mid-2007,
Dr. Whitcomb has served as a Senior Advisor to the Biopharma
investment team of Frazier Healthcare. Dr. Whitcomb was a Founder
of Quatrx Pharmaceuticals, Inc., a privately-held, drug development
company focusing on discovery, licensing, developing and
commercializing compounds in the endocrine, metabolic and
cardiovascular areas, where he served as Chief Medical Officer from
2001 to 2006. From 1992 through 2000, he held various management
positions with Parke-Davis Pharmaceutical Research, Inc., a
division of Warner Lambert Company, serving as Vice President of
Drug Development with particular responsibility for the development
and approval of products for women's health care, metabolic
diseases and diabetes. After the merger of Warner Lambert into Pfizer, Inc., Dr. Whitcomb
was Vice-President Global Project Management for Pfizer Global
Research and Development. From 1987 through 1992 he was on
the faculty of Massachusetts General Hospital and Harvard Medical School.
About Insmed
Insmed Incorporated is a biopharmaceutical company focused on
the development of innovative inhaled pharmaceuticals for the
site-specific treatment of serious lung diseases.
Insmed's primary focus is on the development of inhaled antibiotic
therapy delivered via proprietary advanced liposomal pulmonary
technology in areas of high unmet need. For more information,
please visit http://www.insmed.com.
Forward-Looking Statements
This release contains forward-looking statements which are made
pursuant to provisions of Section 21E of the Securities Exchange
Act of 1934. Investors are cautioned that such statements in this
release, including statements relating to our financial position,
results of operations, the status and the results of preclinical
studies and clinical trials and preclinical and clinical data
described herein, the timing of and costs associated with
pre-clinical studies and clinical trials, the development of our
products, and the business strategies, plans and objectives of
management, constitute forward-looking statements which involve
risks and uncertainties that could cause actual results to differ
materially from those anticipated by the forward-looking
statements. Our results may be affected by such factors as
the receipt and timing of FDA and other regulatory reviews and
approvals, if at all, competitive developments affecting our
product development, delays in product development or clinical
trials, and patent disputes involving currently developing
products. The risks and uncertainties include, without
limitation, we may experience unexpected regulatory actions, delays
or requests, our future clinical trials may not be successful, we
may be unsuccessful in developing our product candidates or
receiving necessary regulatory approvals, we may experience delays
in our product development or clinical trials, our product
candidates may not prove to be commercially successful, our
expenses may be higher than anticipated and other risks and
challenges detailed in our filings with the U.S. Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the year ended December 31, 2011 and
our Quarterly Report on Form 10-Q for the quarter ended
March 31, 2012. Investors are
cautioned not to place undue reliance on any forward-looking
statements which speak only as of the date of this release.
We undertake no obligation to publicly release the results of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances that occur after the date of
this release or to reflect the occurrence of unanticipated
events.
Investor Relations Contact:
Brian Ritchie – FTI Consulting
212-850-5683
brian.ritchie@fticonsulting.com
Media Contact:
Irma Gomez-Dib – FTI Consulting
212-850-5761
irma.gomez-dib@fticonsulting.com
SOURCE Insmed Incorporated