David P. Southwell to Resign as Chief Financial Officer of Sepracor
MARLBOROUGH, Mass.--(BUSINESS WIRE)--Sepracor today announced that David P. Southwell has notified the Company that he will resign as Executive Vice President, Chief Financial Officer as of May 20, 2008 to pursue other interests. Mr. Southwell will remain as a consultant to Sepracor until December 31, 2008, to assist in corporate activities. Mr. Southwell has served as Chief Financial Officer of Sepracor since 1994.
"After fourteen exciting years at Sepracor, I am looking forward to pursuing other entrepreneurial activities," said Mr. Southwell. "With the addition of its recently in-licensed products, Sepracor is well-positioned for its evolution into a fully diversified pharmaceutical company, and I look forward to continuing with the company as a consultant until the end of the year."
During his tenure, Sepracor and its subsidiaries have raised approximately $3.0 billion in three public equity offerings and nine private placements of convertible debt securities. In May 2007, Mr. Southwell assumed the additional responsibility of leadership of corporate planning, development and licensing. Prior to joining Sepracor, Mr. Southwell was a Vice President in investment banking with Lehman Brothers in New York. His career at Lehman spanned ten years, and included mergers, acquisitions, leveraged buyouts, restructurings and debt and equity financing transactions. While at Lehman, he managed Sepracor's initial public offering in September 1991. He is a member of the Board of PTC Therapeutics and is Chairman of the MBA Advisory Board of the Tuck School at Dartmouth.
"David has played a major role in creating a highly successful, fully integrated public pharmaceutical company, and his impact will have a lasting impression on Sepracor, its employees and shareholders for many years to come," said Adrian Adams, President and Chief Executive Officer of Sepracor. "We all wish him well in the next phase of his career and life - a phase that I am sure will bring continued personal and professional success."
Sepracor Inc. is a research-based pharmaceutical company dedicated to treating and preventing human disease by discovering, developing and commercializing innovative pharmaceutical products that are directed toward serving large and growing markets and unmet medical needs. Sepracor's drug development program has yielded a portfolio of pharmaceutical products and candidates with a focus on respiratory and central nervous system disorders. Sepracor's corporate headquarters are located in Marlborough, Massachusetts