Joseph W. Turgeon Named President and CEO and Elected to the Board of
Thomas J. Riga Named Chief Operating Officer
Stuart M. Krassner, ScD, PsyD Named Chairman of the Board
HENDERSON, Nev.--(BUSINESS WIRE)--
Spectrum Pharmaceuticals, Inc. (NasdaqGS:SPPI), a biotechnology company
with fully integrated commercial and drug development operations with a
primary focus in Hematology and Oncology, today announced that its Board
of Directors has terminated Rajesh C. Shrotriya, MD without cause from
his position as Chief Executive Officer, and announced leadership
changes under which Joseph W. Turgeon, the current President and Chief
Operating Officer, has been named President and Chief Executive Officer
and elected to the Board of Directors, and current Director Stuart M.
Krassner, ScD, PsyD, has been named Chairman of the Board. In
addition, Thomas J. Riga, who currently serves as Executive Vice
President, Chief Commercial Officer and Head of Business Development,
has been named Chief Operating Officer. These changes are effective
"The Board of Directors thanks Dr. Shrotriya for his contributions to
Spectrum over the past fifteen years," said Dr. Krassner, Chairman. "The
Board believes that now is the right time to effect these leadership
changes. Mr. Turgeon and Mr. Riga have nearly 50 years of combined
industry experience and the Board believes that they are the right
leaders for Spectrum as the Company enters its next chapter."
"I am honored to serve as Spectrum's next CEO and appreciate the
confidence the Board has placed in me to guide the Company forward,"
said Mr. Turgeon, President and CEO. "We are at an exciting point in
Spectrum's history, and I look forward to driving the operation forward
as we maintain our focus on our product pipeline."
Mr. Turgeon brings more than 30 years of experience in the
pharmaceutical industry, including various executive leadership roles at
Amgen Inc. He had served as Spectrum's President and Chief Operating
Officer since April 2014, and had previously served as the Company's
Senior Vice President and Chief Commercial Officer from October 2012 to
April 2014. Prior to joining Spectrum, Mr. Turgeon spent 22 years at
Amgen Inc. as Vice President of Sales.
Mr. Riga brings over 15 years of pharmaceutical sales and management
experience in various positions at Amgen, Eli Lilly and Dendreon,
including as Vice President of Sales at Dendreon. He had served as
Spectrum's Executive Vice President, Chief Commercial Officer and Head
of Business Development since June 2017, and previously served as
Spectrum's Senior Vice President and Chief Commercial Officer from
August 2014 to June 2017, and Vice President, Corporate Accounts from
July 2013 to August 2014.
Dr. Krassner has served as a director of Spectrum since December 2004,
and was previously a member of Spectrum's Scientific Advisory Board from
1996 to 2001. Dr. Krassner's career spans nearly four decades of
experience in positions of increasing responsibility at the University
of California at Irvine, most recently as Professor of Developmental and
Cell Biology at the School of Biological Sciences. Dr. Krassner is
Professor Emeritus, University of California, Irvine and has also been
retained by pharmaceutical, medical device and other companies,
including Allergan Pharmaceuticals, Lasermed Corporation, Automated
Microbiology Systems, and In Vitro International, among others, to
provide scientific and regulatory advisory services, including FDA
compliance. He is a past member of the American Academy for the
Advancement of Sciences, and the American Society of Tropical Medicine
and Hygiene, among others.
About Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a leading biotechnology company focused on
acquiring, developing, and commercializing drug products, with a primary
focus in Hematology and Oncology. Spectrum currently markets six
hematology/oncology drugs, and has an advanced stage pipeline that has
the potential to transform the Company. Spectrum's strong track record
for in-licensing and acquiring differentiated drugs, and expertise in
clinical development have generated a robust, diversified, and growing
pipeline of product candidates in advanced-stage Phase 2 and Phase 3
studies. More information on Spectrum is available at www.sppirx.com.
Forward-looking statement — This press release may contain
forward-looking statements regarding future events and the future
performance of Spectrum Pharmaceuticals that involve risks and
uncertainties that could cause actual results to differ materially.
These statements are based on management's current beliefs and
expectations. These statements include, but are not limited to,
statements that relate to Spectrum's business and its future, including
Spectrum's ability to identify, acquire, develop and commercialize a
broad and diverse pipeline of late-stage clinical and commercial
products, and any statements that relate to the intent, belief, plans or
expectations of Spectrum or its management, or that are not a statement
of historical fact. Risks that could cause actual results to differ
include the possibility that Spectrum's existing and new drug candidates
may not prove safe or effective, the possibility that our existing and
new applications to the FDA and other regulatory agencies may not
receive approval in a timely manner or at all, the possibility that our
existing and new drug candidates, if approved, may not be more
effective, safer or more cost efficient than competing drugs, the
possibility that our efforts to acquire or in-license and develop
additional drug candidates may fail, our dependence on third parties for
clinical trials, manufacturing, distribution and quality control and
other risks that are described in further detail in the Company's
reports filed with the Securities and Exchange Commission. The Company
does not plan to update any such forward-looking statements and
expressly disclaims any duty to update the information contained in this
press release except as required by law.
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Sard Verbinnen & Co
Source: Spectrum Pharmaceuticals, Inc.
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