WALTHAM, Mass., Aug. 12, 2014 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced the appointment of Robert Blood, Esq. as vice president of legal affairs and chief compliance officer. Mr. Blood comes to AMAG with extensive experience in the pharmaceutical and healthcare industry serving most recently as associate general counsel at EMD Serono, Inc. In this role, he will be responsible for providing internal legal advice in connection with AMAG's commercial operations and research activities and overseeing AMAG's healthcare compliance program.
"We are delighted to welcome Robert to our team," said Scott Townsend, Esq., senior vice president of legal affairs, general counsel and secretary at AMAG. "Robert's deep experience in the pharmaceutical and biotechnology industry and his knowledge and experience with the federal and state laws that govern the marketing and promotion of our products will be extremely valuable as we work to grow our existing product portfolio and build a diversified, multi-product pharmaceutical company that puts patients first."
Since 2008, Mr. Blood served in various roles of increasing responsibility at EMD Serono, Inc., including most recently as associate general counsel since 2013. In this role, he represented several commercial operation departments and was responsible for contract drafting and negotiations, commercial strategy development and compliance with the laws and regulations of key government agencies. As senior counsel in 2011, he was the lead attorney for EMD Serono's oncology and HIV franchises, which included oversight of several investigational and marketed products. Prior to joining EMD Serono, Mr. Blood held legal positions at the law firm of Goodwin Procter LLP and Montgomery, McCracken, Walker & Rhoads, LLP. Mr. Blood received his J.D. from Northeastern University School of Law and has a bachelor's of science from Georgetown University, School of Foreign Service.
Inducement Equity Awards
In connection with Mr. Blood's entry into his employment agreement, Mr. Blood will be granted (i) an option to purchase 20,000 shares of common stock and (ii) 5,000 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. Blood entering into employment with AMAG in accordance with NASDAQ Listing Rule 5635(c)(4).
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 continued growth of its products, AMAG intends to continue to expand its portfolio through the in-license or purchase of additional pharmaceutical products or companies, including revenue-generating commercial products and late-stage development assets that leverage its corporate infrastructure and commercial expertise. Our primary goal is to bring to market therapies that provide clear benefits and improve patients' lives. For additional company information, please visit www.amagpharma.com.
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. Blood's contributions 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, among others: (1) uncertainties regarding the likelihood and timing of potential approval of Feraheme in the U.S. in the broader IDA indication in light of the complete response letter (CRL) we received from the U.S. Food and Drug Administration (FDA) informing us that our supplemental new drug application (sNDA) for the broader indication could not be approved in its present form and stating that we had not provided sufficient information to permit labeling of Feraheme for safe and effective use for the proposed broader indication, (2) the possibility that following FDA review of post-marketing safety data, including reports of serious anaphylaxis, cardiovascular events, and death, the FDA will request additional technical or scientific information, new studies or reanalysis of existing data, on-label warnings, post-marketing requirements/commitments or risk evaluation and mitigation strategies (REMS) in the current CKD indication for Feraheme, (3) uncertainties regarding our and Takeda's ability to successfully compete in the IV iron replacement market both in the US and outside the US, including the EU, as a result of limitations, restrictions or warnings in Feraheme's/Rienso's current or future label that put Feraheme/Rienso at a competitive disadvantage, (4) uncertainties regarding Takeda's ability to obtain regulatory approval for Rienso in the EU and Feraheme in Canada, in the broader IDA patient population, (5) the possibility that significant safety or drug interaction problems could arise with respect to Feraheme/Rienso and in turn affect sales, or the company's ability to market the product both in the US and outside of the US, including the EU, (6) uncertainties regarding the manufacture of Feraheme/Rienso or MuGard, (7) uncertainties relating to our patents and proprietary rights, both in the US and outside of the US, (8) the risk of an Abbreviated New Drug Application (ANDA) filing following the FDA's recently published draft bioequivalence recommendation for ferumoxytol, (9) uncertainties regarding our ability to compete in the oral mucositis market in the U.S. and (10) other risks identified in our Securities and Exchange Commission filings, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 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 registered trademark of Access Pharmaceuticals, Inc. Rienso is a trademark of Takeda Pharmaceutical Company Limited. CONTACT: AMAG Pharmaceuticals, Inc. Contact: Katie Payne, 617-498-3303
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