WALTHAM, Mass., Feb. 25, 2014 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Edward Jordan as senior vice president of sales and marketing. Mr. Jordan brings to AMAG more than 20 years of experience in U.S. and international pharmaceutical sales and marketing operations. Prior to joining AMAG, Mr. Jordan served as head of sales, marketing, and operations of the women's health division at Teva Pharmaceuticals. In this role he led sales, marketing, training, and sales analytics for their branded pharmaceuticals, over-the-counter products and a medical device.
"I have known Ed for many years, and am confident that, with his deep experience in pharmaceutical and device commercial leadership, he will be a great addition to our executive team," said William Heiden, president and chief executive officer of AMAG. "Ed's ability to build and lead top-performing commercial teams will be a great asset to AMAG as we continue to drive market share growth and market expansion for our current products."
"I am very pleased to be joining AMAG," said Mr. Jordan. "It is an exciting time; coming off such a successful 2013 and well positioned for significant growth and success. I look forward to leading the commercial team and contributing to the company's goals of continuing to grow Feraheme and MuGard sales, expanding the product portfolio and building a multi-product, profitable specialty pharmaceutical company."
Mr. Jordan began his career at Schering-Plough/Merck where he held various leadership roles of increasing responsibility from 1992 to 2010. During that time, he successfully implemented buy/bill and reimbursement strategies, streamlined sales processes, and led high-caliber sales teams in meeting/exceeding aggressive sales revenue objectives. While at Teva Pharmaceuticals from 2010 to 2014, Mr. Jordan directed a commercial team of 250 people, developing novel market strategies and tactics to address a dynamic healthcare market. Mr. Jordan holds a Bachelor of Science degree in both Finance and Insurance from The University of Rhode Island and a Master of Business Administration from Southern New Hampshire University.
Inducement Equity Awards
In connection with Mr. Jordan's entry into his employment agreement, Mr. Jordan will be granted (i) an option to purchase 30,000 shares of common stock and (ii) 15,000 restricted stock units. The option will have an exercise price equal to the closing price of AMAG's common stock on the grant date and will be exercisable in four equal annual installments beginning on the first anniversary of the grant date. The option will have a ten-year term and be subject to the terms and conditions of the stock option agreement pursuant to which the option will be granted. The restricted stock units will vest in four equal annual installments beginning on the first anniversary of the grant date and will be subject to the restricted stock unit agreement pursuant to which the restricted stock units will be granted. These equity awards will be granted without stockholder approval as inducements material to Mr. Jordan's entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
AMAG Pharmaceuticals, Inc. is a rapidly growing, specialty pharmaceutical company, supported by a talented and passionate workforce. AMAG currently markets Feraheme® (ferumoxytol) Injection and MuGard® Mucoadhesive Oral Wound Rinse in the United States. Along with driving organic growth of its products, AMAG intends to expand its portfolio with additional commercial-stage specialty products. The company is seeking complementary products that leverage the company's commercial footprint and focus on hematology and oncology centers and hospital infusion centers. The company's primary goal is to bring to market therapies that provide clear benefits and improve patients' lives. For additional company information, please visit www.amagpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to statements regarding Mr. Jordan's contributions to AMAG and the intended expansion and focus of AMAG's product portfolio; the company's goals, including its intent to drive organic growth of Feraheme; and the company's plans to seek complementary commercial products to add to its portfolio are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others: (1) uncertainties regarding the likelihood and timing of potential approval of AMAG's supplemental new drug application for Feraheme in the U.S. in the broader iron deficiency anemia (IDA) indication, (2) the possibility that following the U.S. Food and Drug Administration's (FDA's) review of post-marketing safety data, including reports of serious anaphylaxis, cardiovascular events, and death, the FDA will request additional technical or scientific information, new studies or reanalysis of existing data, on-label warnings, post-marketing requirements/commitments or risk evaluation and mitigation strategies (REMS) in the current chronic kidney disease (CKD) indication for Feraheme, (3) uncertainties regarding AMAG's and Takeda Pharmaceutical's ability to successfully compete in the IV iron replacement market both in the U.S. and outside the U.S., including the EU, as a result of limitations, restrictions or warnings in Feraheme's/Rienso's current or future label that put Feraheme/Rienso at a competitive disadvantage (ferumoxytol is marketed in the EU by Takeda as Rienso™), (4) uncertainties regarding Takeda's ability to obtain regulatory approval for Feraheme in Canada, and Rienso in the EU, in the broader IDA patient population, (5) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso and in turn affect sales, or AMAG's ability to market the product both in the U.S. and outside of the U.S., including the EU, (6) uncertainties regarding the manufacture of Feraheme/Rienso or MuGard, (7) uncertainties relating to AMAG's patents and proprietary rights, both in the U.S. and outside of the U.S., (8) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA's recently published draft bioequivalence recommendation for ferumoxytol, and (9) other risks identified in our Securities and Exchange Commission (SEC) filings, including our Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent filings with the SEC. AMAG cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
AMAG disclaims any obligation 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.
AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc. Rienso is a trademark of Takeda Pharmaceutical Company Limited. MuGard is a registered trademark of Access Pharmaceuticals, Inc.
AMAG Pharmaceuticals, Inc. Contact:
Amy Sullivan, 617-498-3303