Acacia Pharma Group plc announces planned CFO succession

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Published on: 14 Jan 2020

Cambridge, UK and Indianapolis, US – 13 January 2020: Acacia Pharma Group plc (“Acacia Pharma”, the "Company”, the “Group”), (EURONEXT: ACPH), a pharmaceutical company developing and commercialising hospital products for US and international markets, announces a planned succession of its Chief Financial Officer role. Christine Soden will step down as CFO and retire from the Board on 29 February 2020. She will be succeeded in the CFO role by Gary G. Gemignani, who began working with the Group this year.

The planned succession has been implemented after the Company closed a strategic transaction with Cosmo Pharmaceuticals N.V. (announced on 10 January 2020) and ahead of the upcoming reviews of the New Drug Applications (NDA) for BARHEMSYS® (intravenous amisulpride) and the newly in-licensed ByFavo™ (remimazolam) by the US Food and Drug Administration (FDA), with decisions expected no later than 26 February 2020 and 5 April 2020, respectively. This will allow for a smooth transition period as the Company further refines and drives its commercial strategy and strengthens its operational team and expertise in the US ahead of these milestones.

Gary Gemignani’s career in healthcare spans over three decades, including senior management/executive positions at several pharmaceutical and biopharmaceutical companies. Most recently, he served as CFO of Synergy Pharmaceuticals Inc. where he successfully led the sale of this Nasdaq-listed company’s assets to Bausch Health.

Previously, he served as CEO and CFO of Biodel Inc., overseeing business and strategic planning, operations and financing activities of the company. During his tenure, Gary successfully led Biodel’s reverse merger with Albireo Ltd and managed several corporate restructurings to strengthen Albireo’s overall financial position. Prior to this, he served in senior and executive financial and operational roles with multiple public and private companies including, Gentium, Novartis and Wyeth. Mr Gemignani started his career at Arthur Andersen & Co.

Mike Bolinder, CEO of Acacia Pharma, said: “I would first sincerely like to thank Christine, on behalf of the Board and the management team, for all she has done for us over the past five years. Our company has benefited greatly from her financial and operational leadership during her tenure and we wish her well in her future endeavours.”

Mike Bolinder added: “We are very fortunate that Gary has joined Acacia Pharma in this critical leadership role of CFO as we move into the commercial stage of the Company’s lifecycle. Gary brings extensive expertise in financial and operational management, business development and strategic planning to Acacia Pharma, and a proven track record of driving value. We look forward to Gary’s contributions as we move towards the anticipated launches of BARHEMSYS and ByFavo.”

“I am excited to join Acacia at such a transformative time for the business,” said Gary Gemignani. “I look forward to working with Mike and his team of talented employees to maximise the value of both BARHEMSYS and ByFavo. This is an opportunity to be a part of a company that is passionate, highly energised and committed to making a real difference to improving the lives of patients.”

About Acacia Pharma

Acacia Pharma is a hospital pharmaceutical company focused on the development and commercialization of new products designed to improve the treatment and care of surgical and cancer patients. The Group’s pipeline includes near-market opportunities, which it plans to sell directly in the US through its own commercial operations, and in other territories through licensing and distribution agreements with selected partners.

The Group's pipeline includes:

  • BARHEMSYS® (intravenous amisulpride) for post-operative nausea & vomiting (PONV) (NDA filed)
  • ByFavo™ (remimazolam), an ultra-short-acting and reversible intravenous sedative/anaesthetic designed for use during invasive medical procedures, such as during colonoscopy and bronchoscopy (NDA filed), and
  • APD403 (amisulpride) for chemotherapy induced nausea & vomiting (CINV) (Phase 2)

Acacia Pharma is based in Cambridge, UK and Indianapolis, IN. The Company is listed on the Euronext Brussels exchange under the under ISIN code GB00BYWF9Y76 and ticker symbol ACPH.