Michael Babich Departs as Insys President and CEO
Dr. John N. Kapoor Appointed President and CEO
Daniel Brennan Appointed Executive Vice President and Chief Operating Officer
PHOENIX, Nov. 05, 2015 (GLOBE NEWSWIRE) -- Insys Therapeutics, Inc. (NASDAQ:INSY) ("Insys" or "the Company") today announced that Michael L. Babich has stepped down as President and Chief Executive Officer of Insys. The Board of Directors has appointed Dr. John N. Kapoor as President and Chief Executive Officer effective November 4, 2015. Dr. Kapoor will continue to serve of the Chairman of the Company's Board of Directors. Daniel Brennan has been appointed Executive Vice President and Chief Operating Officer effective November 1, 2015.
"It has been a privilege to lead Insys for the past six years as President and CEO," said Michael Babich. "We have built a leading organization with demonstrated success launching a new product in a competitive industry, and are developing a pipeline of innovative products that improve patients' lives. I believe the time is right for me to make this change. I am confident in the team that we have built at Insys and I believe the Company is well positioned to continue to build long-term shareholder value," added Babich.
"Mike has been with us since the inception of the Company and we have worked together for 14 years," said Dr. John Kapoor, Chairman, President and Chief Executive Officer. "During Mike's tenure, Insys transitioned from a development stage enterprise to a successful, commercial, publicly-traded company known for its development of a leading commercial product, Subsys. On behalf of everyone at Insys, we wish Mike well as he takes the next steps in his personal and professional path."
"I will assume the role of President and Chief Executive Officer and will be joined by Daniel Brennan who has been newly appointed as Insys' Executive Vice President and Chief Operating Officer. Dan is a respected industry leader whose expertise will allow us to advance our strategic plan and further our commercial success. I am confident Dan will make a meaningful and immediate contribution to our senior management team," Dr. Kapoor concluded.
"I look forward to joining Insys at this important time for the Company," stated Daniel Brennan, Executive Vice President and Chief Operating Officer. "I welcome the opportunity to work with my colleagues to enhance the organizational infrastructure that will support our continued growth."
Daniel Brennan Biography:
Daniel Brennan has had a distinguished career in the pharmaceutical industry. As Vice President/Group General Manager of Lundbeck LLC's Neurology Business Unit and U.S. Business Development group, the group launched four specialty orphan products, and achieved a growth in annual sales from $60 million in 2009 to $550 million in 2014. Daniel previously served at Abbott Laboratories where he led Abbott's Hospital Product Pharmaceutical Group. Mr. Brennan also brings sales, marketing and new product development expertise from his decade of service at Eli Lilly and Company. Mr. Brennan received a B.A. from the University of Notre Dame and an MBA degree, with distinction, from the Kellogg Graduate School of Business at Northwestern University. He serves on the Board of Directors of the Illinois Biotechnology Industry Organization (iBIO) and the Executive Board of Directors for Court Appointed Special Advocates (CASA) in Lake County, IL.
About Insys Therapeutics, Inc.
Insys Therapeutics is a specialty pharmaceutical company that develops and commercializes innovative drugs and novel drug delivery systems of therapeutic molecules that improve the quality of life of patients. Using proprietary sublingual spray technology and capabilities to develop pharmaceutical cannabinoids, Insys addresses the clinical shortcomings of existing commercial products. Insys currently markets one product, Subsys® (fentanyl sublingual spray). The Company recently submitted a New Drug Application to the U.S. Food and Drug Administration for Syndros® (dronabinol oral solution), a proprietary, orally administered liquid formulation of dronabinol that Insys believes has distinct advantages over the current formulation of dronabinol in soft gel capsule. Insys is developing a pipeline of sublingual sprays, as well as pharmaceutical cannabidiol.
Subsys® and Syndros® are registered trademarks of Insys Therapeutics, Inc.
This press release contains forward-looking statements, including statements regarding the development of Insys' pipeline of sublingual sprays, expected study and program outcomes related to the research and development efforts of the company and its pipeline and past or future meetings with governmental agencies including the FDA. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release; actual results may differ materially from those in these forward-looking statements as a result of various factors, many of which are beyond our control. These factors include, but are not limited to risk factors described in our filings with the United States Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2014 and subsequent updates that may occur in our Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date of this press release and we undertake no obligation to publicly update or revise these statements, except as may be required by law.
Lisa M. Wilson
In-Site Communications, Inc.
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