Achillion Announces Strengthening of Management Team
11 September 2017 - 5:02PM
- Mr. Joseph Truitt promoted to Chief
Operating Officer -
Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN)
today announced that Executive Vice President Joseph Truitt has
been promoted to Chief Operating Officer, a new position within
Achillion. The Company also announced today the appointment of
Avner Ingerman, M.D. as Senior Vice President and Head of
Ophthalmology, also a newly created position.
Mr. Truitt, who joined Achillion in 2009, will
be responsible for corporate strategy and maintain his role as head
of commercial and business development activities. “Joe is a
seasoned pharmaceutical executive with significant commercial and
operational expertise, highlighted by his role in building the
commercial organization and subsequent launch of Cynrize®. This
promotion reflects the Board’s confidence in Joe’s ability to
position Achillion for future growth by maximizing the value of our
Factor D inhibitor portfolio,” commented Milind Deshpande, Ph.D.,
President and Chief Executive Officer of Achillion.
Dr. Ingerman, a board-certified ophthalmic
surgeon, has more than 17 years of pharmaceutical industry
experience including integral roles in the development and FDA
approval of Eylea® and Lastacaft®. Dr. Ingerman was most recently
Chief Clinical Officer at Ohr Pharmaceuticals since 2015. Prior to
that, Dr. Ingerman served as Vice President of Ophthalmology at
Regeneron Pharmaceuticals where he was responsible for the Eylea®
development program, conducted in collaboration with Bayer
Healthcare. Prior to his tenure at Regeneron, Dr. Ingerman was
research and development director in Israel and the UK, and
clinical leader for the Lastacaft® development program in the U.S.,
at Johnson & Johnson. Dr. Ingerman received his medical degree
from the Tel-Aviv University Sackler School of Medicine and
completed his ophthalmology residency at the Rabin Medical Center
in Israel. Dr. Ingerman will report to Dr. Deshpande.
“We are delighted to welcome Avner to the
Achillion team. He is a highly accomplished drug developer
and we look forward to his strong leadership in advancing our
portfolio of complement Factor D inhibitors,” commented Dr.
Deshpande.
Inducement Grant Under NASDAQ Listing
Rule 5635(c)(4)
In connection with the hiring of Dr. Ingerman,
the Board of Directors of the Company approved the grant of a
nonstatutory stock option to purchase 130,000 shares of the
Company’s common stock to Dr. Ingerman. The option was granted as
an inducement equity award outside the Company’s 2015 Stock
Incentive Plan and was made as an inducement material to Dr.
Ingerman’s acceptance of employment with the Company. The option
will have an exercise price equal to the closing price of the
Company’s common stock on September 6, 2017, the date of grant. The
option will have a ten year term and vest as to 25.0% of the shares
underlying the award on the first anniversary of the grant date and
as to an additional 6.25% of the shares underlying the award at the
end of each successive three-month period following the first
anniversary of the grant date until the fourth anniversary of the
grant date, and is subject to Dr. Ingerman’s continued service with
the Company through the applicable vesting dates.
About Achillion
Pharmaceuticals
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is
a science-driven, patient-focused company seeking to leverage its
strengths across the continuum from discovery to commercialization
in its goal of providing better treatments for people with serious
diseases. The company employs a highly-disciplined discovery and
development approach that has allowed it to pursue best-in-class
oral antiviral therapy for chronic hepatitis C (HCV) and build a
platform of potent and specific complement inhibitors. Achillion is
rapidly advancing its efforts to become a fully-integrated
pharmaceutical company with a goal of bringing life-saving
medicines to patients with rare diseases. More information is
available at http://www.achillion.com.
Cinryze® is a registered trademark of Shire,
Inc. or its affiliatesEylea® is a registered trademark of Regeneron
Pharmaceuticals, Inc.Lastacaft® is a registered trademark of
Allergan, Inc.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to risks, uncertainties and
other important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements.
Achillion may use words such as “expect,” “anticipate,” “project,”
“intend,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,”
“focus,” “will,” “look forward,” “goal,” and “may” and similar
expressions to identify such forward-looking statements. These
forward-looking statements also include statements about the
Company’s potential for future growth, and its ability to advance
and maximize the value of its Factor D inhibitor portfolio. Among
the important factors that could cause actual results to differ
materially from those indicated by such forward-looking statements
are risks relating to, among other things Achillion’s ability to:
advance the preclinical and clinical development of its drug
candidates, including ACH-4471 and other complement Factor D
inhibitors, under the timelines it projects in current and future
preclinical studies and clinical trials; obtain and maintain patent
protection for its drug candidates and the freedom to operate under
third party intellectual property; demonstrate in any current and
future clinical trials the requisite safety, efficacy and
combinability of its drug candidates; obtain and maintain necessary
regulatory approvals; establish commercial manufacturing
arrangements; identify, enter into and maintain collaboration
agreements with appropriate third-parties; compete successfully in
the markets in which is seeks to develop and commercialize its
product candidates and future products; manage expenses; manage
litigation; raise the substantial additional capital needed to
achieve its business objectives; and successfully execute on its
business strategies. These and other risks are described in the
reports filed by Achillion with the U.S. Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2017, and its subsequent SEC filings.
In addition, any forward-looking statement in
this press release represents Achillion’s views only as of the date
of this press release and should not be relied upon as representing
its views as of any subsequent date. Achillion disclaims any duty
to update any forward-looking statement, except as required by
applicable law.
Company Contact:
Glenn Schulman
Achillion Pharmaceuticals, Inc.
Tel. (203) 624-7000
gschulman@achillion.com
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