-- Dave Stack Remains Chairman and Chief Executive Officer; Continues to Drive Commercial Strategy and Clinical Development of EXPAREL® and the DepoFoam® Pipeline --
-- Mr. Scibetta to Lead Tactical Execution of Operations --
PARSIPPANY, N.J., Oct. 20, 2015 (GLOBE NEWSWIRE) -- Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today announced that James S. Scibetta has been appointed president, effective October 20, 2015. In this capacity, Mr. Scibetta will oversee the day-to-day operations and tactical execution of the Company’s newly formed Customer and Patient Solutions (CPS) group, comprised of its customer-facing resources. He will also continue to oversee the Pacira Science Center Campus (SCC) activities.
Mr. Scibetta will continue to report to Chief Executive Officer and Chairman Dave Stack, who will maintain oversight of the commercial and corporate strategy. Mr. Stack will also continue to lead the development program for the expanded use of EXPAREL® (bupivacaine liposome injectable suspension) and the DepoFoam® pipeline of products, as well as business operations and performance.
“Jim is a proven leader with demonstrated excellence in organizational efficiency to optimize results, and has been instrumental in accelerating the growth of Pacira,” said Mr. Stack. “This important evolution of senior management allows me the opportunity to place renewed focus on product strategy and long-term value driving opportunities for the Company and affords me the ability to more closely interface with our customers again. I look forward to continuing to advance our corporate mission to improve patient care by providing an innovative non-opioid option like EXPAREL to as many postsurgical patients as appropriate.”
Mr. Scibetta joined Pacira as chief financial officer in 2008 and led the Company’s 2011 initial public offering and subsequent debt and equity financings. In 2013, he took on the additional responsibility of oversight of the Pacira Science Center Campus activities. In 2014, Mr. Scibetta was promoted to senior vice president. He has more than 25 years of financial executive and investment banking experience serving public and private healthcare and life sciences companies.
Mr. Scibetta will continue to serve as chief financial officer while the company conducts a search for his successor, who will report to Mr. Stack. Chief Administrative Officer, General Counsel and Secretary Kristen Williams, JD; Chief Medical Officer James B. Jones, MD, PharmD; and Senior Vice President, Strategy and Corporate Development, Scott Braunstein, MD will also continue to report to Mr. Stack.
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) is a specialty pharmaceutical company focused on the clinical and commercial development of new products that meet the needs of acute care practitioners and their patients. The company’s flagship product, EXPAREL® (bupivacaine liposome injectable suspension), indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia, was commercially launched in the United States in April 2012. EXPAREL and two other products have successfully utilized DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. Additional information about Pacira is available at www.pacira.com.
EXPAREL (bupivacaine liposome injectable suspension) is currently indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain score with up to a 45 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block anesthesia. EXPAREL has not been studied for use in patients younger than 18 years of age. Non-bupivacaine-based local anesthetics, including lidocaine, may cause an immediate release of bupivacaine from EXPAREL if administered together locally. The administration of EXPAREL may follow the administration of lidocaine after a delay of 20 minutes or more. Other formulations of bupivacaine should not be administered within 96 hours following administration of EXPAREL. Monitoring of cardiovascular and neurological status, as well as vital signs should be performed during and after injection of EXPAREL as with other local anesthetic products. Because amide-type local anesthetics, such as bupivacaine, are metabolized by the liver, EXPAREL should be used cautiously in patients with hepatic disease. Patients with severe hepatic disease, because of their inability to metabolize local anesthetics normally, are at a greater risk of developing toxic plasma concentrations. In clinical trials, the most common adverse reactions (incidence greater-than or equal to 10%) following EXPAREL administration were nausea, constipation, and vomiting.
Please see the full Prescribing Information for more details available at http://www.exparel.com/pdf/EXPAREL_Prescribing_Information.pdf.
Forward Looking Statements
Any statements in this press release about our future expectations, plans, outlook and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and our ability to serve those markets; our plans to expand the use of EXPAREL to additional indications and opportunities, including nerve block, oral surgery and chronic pain, as well as pediatrics, and the timing and success of any related clinical trials; the related timing and success of a United States Food and Drug Administration supplemental New Drug Application; the adverse effects and impacts of FDA warning letters; the outcome of the U.S. Department of Justice inquiry; our plans to evaluate, develop and pursue additional DepoFoam-based product candidates; clinical studies in support of an existing or potential DepoFoam-based product; our plans to continue to manufacture and provide support services for our commercial partners who have licensed DepoCyt(e); our commercialization and marketing capabilities; our and Patheon UK Limited’s ability to successfully and timely construct dedicated EXPAREL manufacturing suites; and other factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in other filings that we periodically make with the SEC. In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. Important factors could cause our actual results to differ materially from those indicated or implied by forward-looking statements, and as such we anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Company Contact: Pacira Pharmaceuticals, Inc. Jessica Cho, (973) 254-3574 Media Contact: Pure Communications, Inc. Dan Budwick, (973) 271-6085
Source:Pacira Pharmaceuticals, Inc