—Seasoned Pharmaceutical Executive Elizabeth McKee
Anderson Appointed as New Director—
Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical
company on a mission to transform the lives of patients with
serious and rare diseases, today announced several changes to its
board of directors.
Elizabeth McKee Anderson has been appointed to Insmed’s board of
directors, succeeding Myrtle Potter, who has retired as a member of
the board following four years of service to Insmed due to the
demands of her current role as Vant Operating Chair for Roivant
Pharma, a division of Roivant Sciences. Ms. Anderson brings more
than 30 years of leadership in biotechnology, pharmaceuticals, and
vaccines, and a proven record of success in global product launches
and portfolio value creation.
“I am excited to join Insmed’s board and bring my extensive
strategic marketing and market access experience to the Company as
it executes the launch of ARIKAYCE® (amikacin liposome
inhalation suspension) and pursues potential regulatory submissions
in Europe and Japan,” said Anderson. “I look forward to working
with the management team and other board members to advance the
Company’s mission of transforming patients’ lives.”
Donald Hayden, Jr. has stepped down as chairman of the board
after 13 years of distinguished service and will continue to serve
as a director. Will Lewis, Insmed’s president and chief executive
officer, succeeds Mr. Hayden as chairman. Mr. Lewis will continue
to serve as president and chief executive officer of the Company,
positions he has held since 2012. David Brennan, a member of the
board of directors since 2014, has been elected lead independent
director.
“The changes we announced today enhance the existing talent of
our board and position us for Insmed’s promising future. I am very
pleased to welcome Liz to our board, where her extensive experience
in global commercial strategy and execution will be invaluable as
we advance the U.S. launch of ARIKAYCE and continue to evolve into
a commercial-stage company,” said Lewis. “I would also like to
thank Myrtle for her many contributions to Insmed during her
tenure. We wish her well in her future endeavors. Finally, I wish
to acknowledge Don’s significant contributions and personally thank
him for his mentorship and extraordinary leadership over the past
13 years. Through his work as Chairman, Don has helped us become
the company we are today. I look forward to working with David
Brennan and the entire board as we collectively write the next
chapter of Insmed’s future.”
Ms. Anderson held senior leadership positions at Janssen
Pharmaceuticals and other Johnson & Johnson companies between
2003 and her retirement in 2014. She most recently served as
Worldwide Vice President, Infectious Disease and Vaccines for
Janssen, where she directed the commercial development of an
extensive portfolio of antivirals and vaccines, and shaped and
executed the business development strategy for that division. Prior
to Johnson & Johnson, Ms. Anderson served as the Vice President
and General Manager of Wyeth Lederle Vaccines from 1997 to 2002.
She currently serves on the boards of directors of the private
companies Aro Biotherapeutics Inc. and Revolution Medicines, and
the public companies Bavarian Nordic A/S and Huntsworth PLC. Ms.
Anderson holds a Bachelor of Science in Engineering from Rutgers
University and a Master of Business Administration from Loyola
University Maryland.
About Insmed
Insmed Incorporated is a global biopharmaceutical company on a
mission to transform the lives of patients with serious and rare
diseases. Insmed’s first commercial product is ARIKAYCE® (amikacin
liposome inhalation suspension), which is approved in the United
States for the treatment of Mycobacterium avium complex (MAC) lung
disease as part of a combination antibacterial drug regimen for
adult patients with limited or no alternative treatment options.
MAC lung disease is a rare and often chronic infection that can
cause irreversible lung damage and can be fatal. Insmed's
earlier-stage clinical pipeline includes INS1007, a novel oral
reversible inhibitor of dipeptidyl peptidase 1 with therapeutic
potential in non-cystic fibrosis bronchiectasis and other
inflammatory diseases, and INS1009, an inhaled formulation of a
treprostinil prodrug that may offer a differentiated product
profile for rare pulmonary disorders, including pulmonary arterial
hypertension. For more information, visit www.insmed.com.
Forward-looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. "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) may
identify forward-looking statements.
The forward-looking statements in this press release are based
upon the Company’s current expectations and beliefs, and involve
known and unknown risks, uncertainties and other factors, which may
cause the Company’s 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
risks, uncertainties and other factors include, among others, the
following: failure to successfully commercialize or maintain US
approval for ARIKAYCE, the Company’s only approved product;
uncertainties in the degree of market acceptance of ARIKAYCE by
physicians, patients, third-party payers and others in the
healthcare community; the Company’s inability to obtain full
approval of ARIKAYCE from the FDA, including the risk that the
Company will not successfully complete the confirmatory
post-marketing study required for full approval; inability of the
Company, PARI or the Company’s third party manufacturers to comply
with regulatory requirements related to ARIKAYCE or the Lamira
Nebulizer System; the Company’s inability to obtain adequate
reimbursement from government or third-party payers for ARIKAYCE or
acceptable prices for ARIKAYCE; development of unexpected safety or
efficacy concerns related to ARIKAYCE; inaccuracies in the
Company’s estimates of the size of the potential markets for
ARIKAYCE; the Company’s inability to create an effective direct
sales and marketing infrastructure or to partner with third parties
that offer such an infrastructure for distribution of ARIKAYCE;
failure to obtain regulatory approval to expand ARIKAYCE’s
indication to a broader patient population; failure to successfully
conduct future clinical trials for ARIKAYCE and the Company’s
product candidates, including due to the Company’s limited
experience in conducting preclinical development activities and
clinical trials necessary for regulatory approval and the Company’s
inability to enroll or retain sufficient patients to complete the
trials or generate data necessary for regulatory approval; risks
that the Company’s clinical studies will be delayed or that serious
side effects will be identified during drug development; failure to
obtain regulatory approvals for ARIKAYCE outside the US or for the
Company’s product candidates in the US, Europe, Japan or other
markets; failure of third parties on which the Company is dependent
to manufacture sufficient quantities of ARIKAYCE or the Company’s
product candidates for commercial or clinical needs, to conduct the
Company’s clinical trials, or to comply with laws and regulations
that impact the Company’s business or agreements with the Company;
the Company’s inability to attract and retain key personnel or to
effectively manage the Company’s growth; the Company’s inability to
adapt to its highly competitive and changing environment; the
Company’s inability to adequately protect its intellectual property
rights or prevent disclosure of its trade secrets and other
proprietary information and costs associated with litigation or
other proceedings related to such matters; restrictions imposed on
the Company by its material license agreements, including its
license agreements with PARI and AstraZeneca AB, and failure of the
Company to comply with its obligations under such agreements; the
cost and potential reputational damage resulting from litigation to
which the Company is or may become a party, including product
liability claims; limited experience operating internationally;
changes in laws and regulations applicable to the Company’s
business and failure to comply with such laws and regulations; and
inability to repay the Company’s existing indebtedness and
uncertainties with respect to the Company’s ability to access
future capital.
The Company may not actually achieve the results, plans,
intentions or expectations indicated by the Company’s
forward-looking statements because, by their nature,
forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may
not occur in the future. For additional information about the risks
and uncertainties that may affect the Company’s business, please
see the factors discussed in Item 1A, "Risk Factors," in the
Company’s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2018 and any subsequent Company filings with the
Securities and Exchange Commission.
The Company cautions readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date of
this press release. The Company 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.
Contact:
Blaine Davis Insmed Incorporated (908)
947-2841blaine.davis@insmed.com
Insmed (NASDAQ:INSM)
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