Now that Bruce Barclay has stepped down from CEO, the senior management shakeup announced three months ago becomes much more significant. The net effect, in my opinion, is that SRDX is now oriented towards a contract manufacturing business model based upon its developing cGMP facility at Birmingham Al; the Royalty/License model of the past may become of secondary importance. .... This conclusion may be premature.... It will be important to see who the board appoints as a permanent replacement for Bruce.
... Effective immediately, SurModics will be organized by functional expertise rather than its previous business unit structure.... In addition to consolidating SurModics' sales and marketing and research and product development efforts, these changes will enhance accountability on the management of customer relationships and revenue targets and improve resource allocation....
...Mr. Charlie Olson, formerly Vice President and General Manager of Cardiovascular, will be promoted to Senior Vice President, Business Development and Marketing, responsible for licensing, sales and marketing of all of the Company's products and technologies to its entire customer base....
....Mr. Brian Robey, currently Vice President, Product Development and Operations, will be promoted to Senior Vice President, Product Development, responsible for all product development activities, including most of our customer supported programs, at all sites and for all technologies....
...John Middleton, PhD, currently Vice President, SurModics Pharmaceuticals in Birmingham, Alabama, will be promoted to Vice President, Drug Delivery Product Development, and become an officer of SurModics. Dr. Middleton will report to Mr. Robey, and be responsible for all drug delivery product development activities, including all early phase clinical trial projects....
...Art Tipton, PhD, currently Vice President, SurModics, and President, SurModics Pharmaceuticals, will be promoted to Senior Vice President and Chief Scientific Officer, responsible for all of the Company's research activities. Dr. Tipton will continue to support the Company's sales efforts to pharmaceutical companies....
....Mr. Eugene Rusch and Mr. Joseph Stich, will provide the Company with enhanced pharmaceutical industry experience as well as specific expertise in two areas of anticipated significant activity and future growth: product manufacturing and corporate development.
Mr. Rusch has joined the Company as Vice President, Manufacturing. Based in Birmingham, Alabama, he will be responsible for all product manufacturing, supply chain, facilities and late stage clinical and commercial drug delivery product manufacturing. Most recently, Mr. Rusch was Vice President, Manufacturing at Alkermes, Inc. In addition, Mr. Rusch brings more than 20 years of pharmaceutical manufacturing experience from Hoffmann-La Roche Ltd. to SurModics.
Mr. Stich has joined the Company as Vice President, Corporate Development and Strategy. He will be based in Eden Prairie, Minnesota with responsibility for corporate development and strategic planning activities. Previously, Mr. Stich was Vice President of Corporate Development for Abraxis BioScience, LLC. Prior to Abraxis, he was a Vice President at MGI Pharma, Inc., and also held several management positions at Sanofi-Aventis Pharmaceuticals.
Other organizational changes include the departure of Paul Lopez, Ophthalmology Division President, whose responsibilities will be assumed by Mr. John Saharek, currently Director, Commercial Development in SurModics' Ophthalmology business. Mr. Saharek will be responsible for all ophthalmology sales activities worldwide, and sales to pharmaceutical companies in the western U.S....
....Additionally, current officers Lise Duran, PhD, Vice President, Research (Minnesota) and Doug Astry, General Manager, In Vitro Technologies, will be leaving the Company.
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