LEXINGTON, Mass., July 3, 2013 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Amit Verma as vice president of marketing. Mr. Verma comes to AMAG with extensive marketing and sales experience, most recently with the oncology division of Sanofi where he served as the global commercial lead for JEVTANA, the only chemotherapeutic option for advanced prostate cancer patients.
"Amit has a great deal of very relevant experience for AMAG's product portfolio, in particular in oncology, where his insights will help shape our marketing strategy for both Feraheme® and MuGard™," said Greg Madison, chief commercial officer of AMAG. "With more than 15 years of commercial experience in companies ranging from small biotechnology organizations to large pharmaceutical companies, his contributions will be extremely valuable as we strive to grow our products and add to our portfolio."
Prior to joining AMAG, Mr. Verma served as global commercial lead for JEVTANA with Sanofi's oncology division, where he was responsible for launching the product in over seventy countries worldwide. Before taking his role at Sanofi, Mr. Verma was the senior director of marketing for Velcade at Millennium Pharmaceuticals. He began his career in the pharmaceutical industry at Novartis Pharmaceuticals Corporation. Mr. Verma received his MBA from Columbia Business School and his BA from Hamilton College.
Inducement Equity Awards
In connection with Mr. Verma's joining the company, effective on the first day of Mr. Verma's employment, Mr. Verma will be granted (i) an option to purchase 30,000 shares of common stock and (ii) 10,000 restricted stock units. The option will have an exercise price equal to the closing price of AMAG's common stock on the grant date and will be exercisable in four equal annual installments beginning on the first anniversary of the grant date. The option will have a ten-year term and be subject to the terms and conditions of the stock option agreement pursuant to which the option will be granted. The restricted stock units will vest in four equal annual installments beginning on the first anniversary of the grant date and will be subject to the restricted stock unit agreement pursuant to which the restricted stock units will be granted. These equity awards will be granted without stockholder approval as inducements material to Mr. Verma's entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
About AMAG
AMAG Pharmaceuticals, Inc. is a specialty pharmaceutical company that markets Feraheme® and MuGard™ in the United States. Along with driving organic growth of its products, AMAG intends to expand its portfolio with additional commercial-stage specialty products. The company is seeking complementary products that leverage the company's commercial footprint and focus on hematology and oncology centers and hospital infusion centers. For additional company information, please visit www.amagpharma.com.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including but not limited to statements regarding: Mr. Verma's contributions to AMAG; the company's intent to drive organic growth of our products; and the company's plans to seek complementary commercial products to add to its portfolio are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include: (1) uncertainties regarding our and Takeda's ability to successfully compete in the intravenous iron replacement market both in the US and outside the US, including the EU, (2) uncertainties regarding our ability to compete in the oral mucositis market, (3) uncertainties regarding our ability to successfully and timely complete our clinical development programs and obtain regulatory approval for Feraheme/Rienso in the broader IDA indication both in the US and outside of the US, including the EU, (4) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso or MuGard, (5) uncertainties regarding the manufacture of Feraheme/Rienso or MuGard, (6) uncertainties relating to our patents and proprietary rights, both in the US and outside of the US, (7) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA's recently published draft bioequivalence recommendation for ferumoxytol, and (8) other risks identified in our Securities and Exchange Commission filings, including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 and subsequent filings with the SEC. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
We disclaim any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals and Feraheme are registered trademarks of AMAG Pharmaceuticals, Inc.; MuGard is a trademark of Access Pharmaceuticals, Inc.
Rienso is a registered trademark of Takeda Pharmaceutical Company Limited.