02 March 2020
Acacia Pharma Announces Changes to its Officers and Board of Directors
Cambridge, UK and Indianapolis, US – 2 March 2020: Acacia Pharma Group plc (“Acacia Pharma”, the “Group” or the “Company”) (EURONEXT: ACPH), a hospital pharmaceutical company focused on the development and commercialization of new products aimed at improving the care of patients undergoing significant treatments such as surgery, other invasive procedures or cancer chemotherapy, announces the following changes to its Officers and Board of Directors.
- Christine Soden stepped down as a Director, as Chief Financial Officer and Company Secretary on 29 February 2020. Gary Gemignani now serves as the Group’s Chief Financial Officer.
- Anne-Marie Elsley was appointed as Company Secretary for Acacia Pharma on 29 February 2020.
At the time of the Company’s Initial Public Offering (“IPO”) in March 2018, both Pieter van der Meer and Johan Kördel stated their intention to stand down from the Board at the 2019 Annual General Meeting (“AGM”). However, at that AGM the Board believed it to be in the best interests of the Company to retain their experience until such time as BARHEMSYS® (amisulpride) was approved. Having recently reached this important corporate milestone, Pieter and Johan have decided not to stand for re-election at the forthcoming AGM on 7 April 2020.
Patrick Vink, who served as Chairman for the last four years has also decided to stand down at the AGM. Scott Byrd, who has been a Director of the Company for the last five years, will be appointed by the Board as the new Chairman at the AGM.
Commenting, Scott Byrd, Chairman-elect, said: “I am very grateful to our outgoing Board members for their significant contributions to Acacia Pharma, its employees and shareholders. Without the long-term support of Pieter van der Meer (and Gilde Partners) and Johan Kordel (and Lundbeckfonden), the Company would not have gained US approval for BARHEMSYS last week. I look forward to their continuing support as significant shareholders in Acacia Pharma. I would also like to thank Patrick for his leadership through the Company’s IPO and early years as a public company, and Christine for her outstanding service and commitment over the years.”
Patrick Vink, Acacia Pharma’s outgoing Chairman, added: “I would also like to add my gratitude to the outgoing Board members who have all made such significant contributions to the Company. As Acacia Pharma moves now into the next phase of growth, we are delighted that Scott Byrd has agreed to step up as Chairman. Scott is an extremely experienced, commercially focused Director, who will ensure Acacia Pharma is well-governed and continue to provide valuable support and guidance to ensure the successful commercialization in the US of BARHEMSYS and future products.”
BARHEMSYS is a low dose intravenous formulation of the selective dopamine D2 and D3 antagonist amisulpride, which Acacia Pharma has developed and patent-protected for the management of PONV.
BARHEMSYS is indicated in adults for:
- treatment of PONV in patients who have received antiemetic prophylaxis with an agent of a different class or who have not received prophylaxis; and
- prevention of postoperative nausea and vomiting (PONV), either alone or in combination with an antiemetic of a different class.
PONV is a common complication of surgery, occurring in approximately 30% of surgical patients and up to 80% of high-risk patients. It is associated with the use of anaesthetic gases and opioid painkillers and is particularly common following gynecological, abdominal, breast, eye and ear operations, especially those lasting an hour or more. PONV has been ranked as the most undesirable of all surgical complications in some patient surveys, even worse than pain.
Acacia Pharma estimates that approximately 65 million surgical procedures are conducted in the US each year that are eligible for antiemetic use to prevent PONV. Based on market research, Acacia Pharma estimates that the total market in the US for high risk prophylactic and rescue treatment comprises an estimated 34 million patients annually.
Forward looking statements
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as “believe”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements may and often do differ materially from actual results. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, prospectus, growth or strategies and the industry in which it operates. Save as required by law or applicable regulation, the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Forward-looking statements speak only as of the date they are made.