Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical
company focused on the unmet needs of patients with rare diseases,
today announced the appointment of Roger Adsett as chief commercial
officer. Mr. Adsett was most recently senior vice president, head
of the gastrointestinal and internal medicine business unit at
Shire plc.
As chief commercial officer and a member of
Insmed’s senior leadership team, Mr. Adsett will be charged with
overseeing the development and execution of Insmed’s global
commercial strategy for ARIKAYCE™ (liposomal amikacin for
inhalation), which is under development to treat patients with
non-tuberculous mycobacteria (NTM) lung infections. Mr. Adsett will
be responsible for building and leading the commercial organization
to ensure effective execution of brand development, product
launches, and ongoing commercialization strategies, including sales
and marketing.
“Roger is a seasoned executive with a proven track
record of success in bringing therapies to market. I am very
pleased he will be joining Insmed as we look forward to the
commercialization of ARIKAYCE and additional products,” said Will
Lewis, president and chief executive officer of Insmed.
“Roger has extensive experience of ensuring optimal performance of
marketed products and his global marketing expertise will be
invaluable to our future as we prepare to become a commercial-stage
pharmaceutical company.”
Commenting on his appointment, Mr. Adsett said, “I
am thrilled to have the opportunity to join Insmed at such a
promising time in the company’s history. I am looking forward to
working with the talented team here to execute on the company’s
global strategy, and to further its goal of meeting the unmet
therapeutic needs of patients with NTM lung disease and other rare
disorders.”
Prior to joining Insmed, Mr. Adsett held various
leadership roles with Shire from 2005 to 2016. During his time as
senior vice president of its gastrointestinal and internal medicine
business unit, Mr. Adsett oversaw Shire’s global commercial P&L
across six specialty and two rare disease brands. Previously, he
also served as Shire’s gastrointestinal business unit leader,
responsible for building the global leading mesalamine business.
Before joining Shire, Mr. Adsett worked at AstraZeneca for 11
years, most recently serving as the global brand director for
Symbicort®, a medicine for the treatment of asthma and chronic
obstructive pulmonary disease. Prior to AstraZeneca, Mr. Adsett was
a senior analyst at Accenture, from 1991 to 1994. Mr. Adsett
holds an M.B.A. from The Wharton School at the University of
Pennsylvania and a B.A. in English and Economics from Bucknell
University.
Insmed also announced the granting of an inducement
award to Mr. Adsett pursuant to NASDAQ Listing Rule 5635(c)(4). Mr.
Adsett will receive an option to purchase shares of Insmed common
stock equivalent to the value of $850,000 as material inducement to
entering into employment with the company. The exact number of
options will be determined using a Black-Scholes calculation based
upon the closing price on the Nasdaq Global Select Market at the
end of the day on the first business day of the month following his
date of hire. The agreement governing this option award will be
consistent with Insmed’s standard stock option inducement award
agreement. The options have a 10-year term and will vest pursuant
to Insmed’s standard four-year vesting schedule, with 25% of the
shares subject to the option award vesting on the first anniversary
of his commencement of employment and 12.5% of the shares subject
to the option award vesting on each six-month anniversary date
thereafter through the fourth anniversary of the date of grant,
subject to Mr. Adsett’s continued employment by Insmed on each
applicable vesting date. The inducement grants were approved by
Insmed’s Compensation Committee on September 26, 2016.
About Insmed
Insmed Incorporated is a global biopharmaceutical
company focused on the unmet needs of patients with rare diseases.
The company is advancing a global phase 3 clinical study of
ARIKAYCE (liposomal amikacin for inhalation) in nontuberculous
mycobacteria (NTM) lung disease, a rare and often chronic infection
that is capable of causing irreversible lung damage and can be
fatal. There are currently no products indicated for the treatment
of NTM lung disease in the United States or European Union (EU).
Insmed’s earlier-stage clinical pipeline includes INS1009, a
nebulized prodrug formulation of treprostinil that the company
believes may offer a differentiated product profile with
therapeutic potential in rare pulmonary disorders such as pulmonary
arterial hypertension (PAH), idiopathic pulmonary fibrosis (IPF),
sarcoidosis, and severe refractory asthma. To complement its
internal research, Insmed actively seeks in-licensing opportunities
for a broad range of rare diseases. For more information,
visit www.insmed.com.
“Insmed” and “ARIKAYCE” are the company's
trademarks. All other trademarks, trade names or service marks
appearing in this press release are the property of their
respective owners.
Forward-looking statements
This press release contains forward looking
statements. “Forward-looking statements,” as that term is
defined in the Private Securities Litigation Reform Act of 1995,
are statements that are not historical facts and involve a number
of risks and uncertainties. Words herein such as “may,”
“will,” “should,” “could,” “would,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “projects,” “predicts,”
“intends,” “potential,” “continues,” and similar expressions (as
well as other words or expressions referencing future events,
conditions or circumstances) identify forward-looking
statements.
Forward-looking statements are based upon the
company’s current expectations and beliefs, and involve known and
unknown risks, uncertainties and other factors, which may cause
actual results, performance and achievements and the timing of
certain events to differ materially from the results, performance,
achievements or timing discussed, projected, anticipated or
indicated in any forward-looking statements. Such factors include,
among others, the factors discussed in Item 1A “Risk Factors” in
the company’s Annual Report on Form 10-K for the year ended
December 31, 2015 and subsequent quarterly reports on Form 10-Q,
and the following: the ability to complete development of, receive
regulatory approval for, and successfully commercialize ARIKAYCE,
or liposomal amikacin for inhalation (LAI), and INS1009, nebulized
treprostinil prodrug; the number of patients enrolled and the
timing of patient enrollment in the company’s global phase 3
clinical study of ARIKAYCE; estimates of expenses and future
revenues and profitability; plans to develop and market new
products and the timing of these development programs; status,
timing, and the results of preclinical studies and clinical trials
and preclinical and clinical data described herein; the sufficiency
of preclinical and clinical data in obtaining regulatory approval
for the company’s product candidates; the timing of responses to
information and data requests from the US Food and Drug
Administration, the European Medicines Agency, and other regulatory
authorities; clinical development of product candidates; ability to
obtain and maintain regulatory approval for product candidates;
expectation as to the timing of regulatory review and approval;
estimates regarding capital requirements and the needs for
additional financing; estimates of the size of the potential
markets for product candidates; selection and licensing of product
candidates; ability to attract third parties with acceptable
development, regulatory and commercialization expertise; the
benefits to be derived from corporate license agreements and other
third party efforts, including those relating to the development
and commercialization of product candidates; the degree of
protection afforded to the company by its intellectual property
portfolio; the safety and efficacy of product candidates; sources
of revenues and anticipated revenues, including contributions from
license agreements and other third party efforts for the
development and commercialization of products; ability to create an
effective direct sales and marketing infrastructure for products
the company elects to market and sell directly; the rate and degree
of market acceptance of product candidates; the impact of any
litigation the company is a party to, including, without
limitation, the class action lawsuit recently filed against the
company; the timing, scope and rate of reimbursement for product
candidates; the success of other competing therapies that may
become available; and the availability of adequate supply and
manufacturing capacity and quality for product candidates.
The company cautions readers not to place undue
reliance on any such forward-looking statements, which speak only
as of the date they are made. Insmed disclaims any obligation,
except as specifically required by law and the rules of the
Securities and Exchange Commission, to publicly update or revise
any such statements to reflect any change in expectations or in
events, conditions or circumstances on which any such statements
may be based, or that may affect the likelihood that actual results
will differ from those set forth in the forward-looking
statements.
Insmed Incorporated:
Susan Mesco
Head of Investor Relations
908-947-4326
Insmed (NASDAQ:INSM)
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