WALTHAM, Mass., March 31, 2015 (GLOBE NEWSWIRE) -- TESARO, Inc. (Nasdaq:TSRO), an oncology-focused biopharmaceutical company, today announced the appointment of Joseph L. Farmer as Senior Vice President, General Counsel and Secretary. Mr. Farmer most recently served as Vice President, Chief Corporate Counsel and Assistant Secretary of Cubist Pharmaceuticals, Inc., where he led the corporate legal operations of a rapidly growing public company with multiple commercial and development stage products.
"We are pleased to welcome Joe to the TESARO executive team," said Lonnie Moulder, CEO of TESARO. "In addition to his broad legal expertise, Joe's leadership, management skills and industry knowledge will be an asset to TESARO as we transition to become an integrated commercial and development stage biopharmaceutical company. I look forward to working with Joe as we move toward the potential commercial launch of our first product later this year."
Mr. Farmer began his legal career in the Business Practice Group of Testa, Hurwitz & Thibeault, LLP, and prior to joining Cubist Pharmaceuticals, Inc., served as Chief Administrative Officer, General Counsel and Secretary of AMAG Pharmaceuticals. He has extensive experience in the areas of corporate governance, compliance, intellectual property protection, licensing transactions, and corporate development. Mr. Farmer received his B.A. in Economics from Boston University and his J.D. from Boston College Law School.
The compensation committee of TESARO's board of directors has approved an equity award to Mr. Farmer of options to purchase 75,000 shares of TESARO common stock. Each of the stock options has an exercise price equal to $57.66, the closing price per share of TESARO's common stock as reported by NASDAQ on March 30, 2015, the date of grant. The award will vest over the course of four years, assuming that Mr. Farmer remains continuously employed by TESARO. The grant was approved by the compensation committee as an inducement material to Mr. Farmer's entering into employment with TESARO in accordance with NASDAQ Listing Rule 5635(c)(4). TESARO is providing this information in accordance with that listing rule.
TESARO is an oncology-focused biopharmaceutical company dedicated to improving the lives of cancer patients by acquiring, developing and commercializing safer and more effective therapeutics. For more information, visit www.tesarobio.com.
To the extent that statements contained in this press release are not descriptions of historical facts regarding TESARO, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Examples of forward looking statements contained in this press release include, among others, expectations regarding the expected transition of the Company and the launch and timing of launch of a commercial product. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the initiation of future clinical trials, availability of data from ongoing clinical trials, expectations for regulatory approvals, patient accrual rates for clinical trials, certain expenditures and other matters that could affect the availability or commercial potential of our drug candidates. TESARO undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see TESARO's Annual Report on Form 10-K for the year ended December 31, 2014.
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