LEXINGTON, Mass., July 23, 2013 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Carol Satler, M.D, Ph.D. as senior vice president of medical and scientific affairs. Dr. Satler brings to AMAG more than 25 years of healthcare experience, including 15 years in the global biopharmaceutical industry and 10 years in clinical practice. Prior to joining AMAG, Dr. Satler served in executive clinical development and medical affairs roles at Pfizer and Sanofi, as well as Forest Labs and Millenium.
"Carol has a long track record of success in medical affairs that will be extremely valuable to AMAG," said William Heiden, president and chief executive officer of AMAG. "Through her 15-year career in the pharmaceutical industry, Carol has formulated and implemented medical affairs strategies and life cycle management plans for several major commercial products each with annual revenues in excess of $1 billion across a variety of indications. This experience will be invaluable to us as we prepare for the potential launch of Feraheme® for the treatment of iron deficiency anemia in a broader patient population, as well as other areas of future opportunity."
Dr. Satler has broad-based industry experience and has led and managed teams across several therapeutics areas. She has held leadership roles in medical affairs, clinical research and development and administration both in the U.S. and globally. Dr. Satler has successfully formulated strategic clinical development plans, life cycle management and commercialization of products. Dr. Satler received her medical degree and Ph.D. from Case Western Reserve University, completed her internship and residency, and practiced medicine at the Boston Children's Hospital with a focus on cardiology.
Inducement Equity Awards
In connection with Dr. Satler's entry into her employment agreement, effective on the first day of employment, Dr. Satler will be granted (i) an option to purchase 45,000 shares of common stock and (ii) 15,000 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 Dr. Satler'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® (ferumoxytol) Injection and MuGard™ Mucoadhesive Oral Wound Rinse 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: the potential approval of the supplemental new drug application Feraheme for a broader patient population; Dr. Satler's contributions to AMAG and the intended expansion and focus of AMAG's product portfolio; the company's intent to drive organic growth of Feraheme; 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 in the US, (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, (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 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 (SEC) filings, including our Quarterly Report on Form 10-Q for the year 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.
Rienso is a registered trademark of Takeda Pharmaceutical Company Limited. MuGard is a trademark of Access Pharmaceuticals, Inc.