Conference Call to be Held at
appointment of
officer, effective
appointed to the company’s board of directors. AMAG also announced that
its largest shareholder,
has agreed to allow Adage to increase its equity ownership in AMAG up to
25%, subject to certain conditions.
“Over the past several months, AMAG’s board of directors has worked with
advisors to evaluate strategic alternatives, while searching for a
permanent CEO,” said
directors. “We have determined that now is the time to strengthen our
leadership team with the appointment of a permanent CEO and are pleased
to have attracted a high-caliber leader. At this critical juncture in
the evolution of our company, it is imperative that we shift our focus
from an active sale process to the continued growth of Feraheme and the
pursuit of business development opportunities. As always, we will
continually evaluate all opportunities to create value for our
stockholders.”
Mr. Narachi continued, “We are pleased to welcome Bill to AMAG to
develop and execute a strategy of building a profitable, multi-product,
specialty pharmaceutical company. He brings significant commercial
expertise at both large pharmaceutical and emerging biotechnology
companies, as well as strong deal-making experience, which will be
invaluable to our company. We are confident that under Bill’s
leadership, AMAG will successfully embark upon a staged approach to
growth, through the continued expansion of the Feraheme franchise in the
near term, and the addition of new products to our company’s portfolio
over the longer term.”
Mr. Heiden stated, “I am pleased to be taking the helm of a company with
such great potential. Feraheme, our specialized field sales force
focused on hematology/oncology and hospitals, and our cash position
provide a significant foundation from which we can build a profitable,
specialty pharmaceutical company. I plan to get intimately involved in
the business in the coming months, and will evaluate the core strengths
and assets of our company and develop a strategic plan to fully leverage
these for our stockholders.”
chief operating officer of AMAG.
Mr. Narachi added, “On behalf of the full board of AMAG, I want to thank
Frank for his leadership of our company over the past 6 months. I feel
that the company is stronger than it was when Frank took the interim
chief executive officer role. His unwavering dedication to doing what is
best for the business, our employees and our stockholders during a time
of uncertainty for the company has provided Bill a solid foundation from
which to build.”
Mr. Heiden is an experienced pharmaceutical and biotechnology executive
who is joining AMAG from
as president and chief executive officer since
served and will continue to serve as chairman of
following commencement of his employment with AMAG. Prior to joining
Biotherapeutics
officer and a member of the board of directors of
Pharmaceuticals, Inc.
until
served as president and chief operating officer of
Pharmaceuticals Incorporated
plc
through various positions of increasing responsibility at
number of businesses in
serves on the board of directors of LFB Biotechnologies S.A.S., a
private French biotechnology company. Mr. Heiden holds an M.B.A. from
Cornell University’s
degree from the
Conference Call and Webcast Access
at
1-877-412-6083 from
international access. A telephone replay of the conference call will be
available from approximately
on
United States
for the live call and the replay is 79714574.
A live webcast of the conference call will be accessible through the
Investors section of the company’s website at www.amagpharma.com
beginning at
replay will be available at approximately
archived on the
Inducement Equity Awards
In connection with Mr. Heiden’s entry into his employment agreement,
effective on the first day of Mr. Heiden’s employment, Mr. Heiden will
be granted (i) an option to purchase 300,000 shares of common stock and
(ii) 100,000 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. Heiden’s entering into employment with AMAG
in accordance with NASDAQ Listing Rule 5635(c)(4).
About
manufactures and markets Feraheme® in
additional company information, please visit www.amagpharma.com.
About Feraheme
In
(IV) use is indicated for the treatment of iron deficiency anemia in
adult chronic kidney disease (CKD) patients. Feraheme received marketing
approval from the
was commercially launched by AMAG in the U.S. shortly thereafter.
Ferumoxytol received marketing approval in
positive recommendation for approval from the
Products for Human Use
Ferumoxytol will be marketed in
Union
Limited
Forward Looking Statements
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
that we will continually evaluate all opportunities to create value for
our stockholders; that we will build a profitable, multi-product,
specialty pharmaceutical company; that we will successfully embark on a
staged approach to growth by expanding the Feraheme franchise and
adding new products, 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: (1) uncertainties regarding our
and Takeda’s ability to successfully compete in the intravenous iron
replacement market both in the U.S. and outside the U.S., (2)
uncertainties regarding our ability to successfully and timely complete
our clinical development programs and obtain regulatory approval for Feraheme in
a broader IDA indication both in the U.S. and in territories outside of
the U.S., including the European Union, (3) the fact that significant
safety or drug interaction problems could arise with respect to Feraheme,
(4) the risk that we will not be successful in adding new products to
our portfolio, (5) uncertainties regarding our ability to manufacture Feraheme,
(6) uncertainties relating to our patents and proprietary rights, and
(7) other risks identified in our Securities and Exchange
Commission filings, including our Annual Report on Form 10-K for the
year ended December 31, 2011 and our Quarterly Report on Form 10-Q for
the three months ended March 31, 2012. We caution you not to place undue
reliance on any forward-looking statements, which speak only as of the
date they are made.
We disclaim 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.
Source:
AMAG Pharmaceuticals, Inc.
Amy Sullivan, 617-498-3303
