Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its
commitment to non-opioid pain management and regenerative health
solutions, today announced that David (“Dave”) Stack will retire
from his role as Chairman and Chief Executive Officer. To ensure a
seamless transition, Mr. Stack has committed to continuing in his
current role until a new CEO is appointed by the board of
directors, who are conducting the search. He will then continue in
a consulting role with the company through August of 2025.
“On behalf of our entire board and team, I want to thank Dave
for his leadership, commitment and innumerable contributions to our
company over the course of his distinguished career at Pacira,”
said Paul Hastings, Lead Independent Director of the Pacira Board.
“Dave has been an exceptional and transformational visionary who
recognized the significant need for opioid-sparing pain management
and redefined the role of opioids as rescue therapy only. He has
transformed Pacira into a leading provider of innovative non-opioid
pain management solutions that significantly enhances patient care
to drive sustainable growth for years to come. The board looks
forward to working with Dave to ensure a seamless transition by
identifying the right successor to lead Pacira in its next
chapter.”
“Leading Pacira for the last 16 years has been the highlight of
my professional career and I am extremely proud of all we have
accomplished during that time,” said Mr. Stack. “We have built a
strong company and team with a portfolio of three best-in-class
opioid-sparing commercial assets. As we approach the next phase of
growth, the time has come to begin to transition leadership. I am
committed to supporting a smooth succession while generating value
for stockholders, and in the meantime remain focused on advancing
our important mission of providing non-opioid pain management
options to as many patients as possible.”
Mr. Stack continued, “I will work closely with the board on the
search for my successor to ensure the company is positioned for
further success. I also want to take this opportunity to thank our
dedicated team of employees who continue to demonstrate an
unwavering commitment to helping patients and communities by ending
the era of opioids as the standard of care for pain
management.”
The company’s board has retained Klein Hersh International, a
leading executive search firm to assist in a comprehensive search
for the company’s next chief executive officer.
About Pacira
Pacira BioSciences, Inc. (Nasdaq: PCRX) is committed to
providing non-opioid pain management options to as many patients as
possible to redefine the role of opioids as rescue therapy only.
The company is also developing innovative interventions to address
debilitating conditions involving the sympathetic nervous system,
such as cardiac electrical storm, chronic pain, and spasticity.
Pacira has three commercial-stage non-opioid treatments: EXPAREL®
(bupivacaine liposome injectable suspension), a long-acting local
analgesic currently approved for infiltration, fascial plane block,
and as an interscalene brachial plexus nerve block for postsurgical
pain management; ZILRETTA® (triamcinolone acetonide
extended-release injectable suspension), an extended-release,
intra-articular injection indicated for the management of
osteoarthritis knee pain; and ioveraº®, a novel, handheld device
for delivering immediate, long-acting, drug-free pain control using
precise, controlled doses of cold temperature to a targeted nerve.
To learn more about Pacira, including the corporate mission to
reduce overreliance on opioids, visit www.pacira.com.
Forward-Looking Statements
Any statements in this press release about Pacira’s future
expectations, plans, trends, outlook, projections and prospects,
and other statements containing the words “believes,”
“anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,”
“will,” “would,” “could,” “can,” and similar expressions,
constitute forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements related to our
growth and future operating results and trends, our strategy,
plans, objectives, expectations (financial or otherwise) and
intentions, future financial results and growth potential,
including our plans with respect to the repayment of our
indebtedness, anticipated product portfolio, development programs,
patent terms, development of products, strategic alliances and
intellectual property and other statements that are not historical
facts. For this purpose, any statement that is not a statement of
historical fact should be considered a forward-looking statement.
We cannot assure you that our estimates, assumptions, and
expectations will prove to have been correct. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors, including
risks relating to, among others: risks associated with
acquisitions, such as the risk that the acquired businesses will
not be integrated successfully, that such integration may be more
difficult, time-consuming or costly than expected or that the
expected benefits of the transaction will not occur; the lingering
impact of the COVID-19 pandemic on elective surgeries, our
manufacturing and supply chain, global and U.S. economic conditions
(including inflation and rising interest rates), and our business,
including our revenues, financial condition, cash flow and results
of operations; the success of our sales and manufacturing efforts
in support of the commercialization of EXPAREL, ZILRETTA and
iovera°; the rate and degree of market acceptance of EXPAREL,
ZILRETTA and iovera°; the size and growth of the potential markets
for EXPAREL, ZILRETTA and iovera° and our ability to serve those
markets; our plans to expand the use of EXPAREL, ZILRETTA and
iovera° to additional indications and opportunities, and the timing
and success of any related clinical trials for EXPAREL, ZILRETTA
and iovera°; the commercial success of EXPAREL, ZILRETTA and
iovera°; the related timing and success of U.S. Food and Drug
Administration supplemental New Drug Applications and premarket
notification 510(k)s; the related timing and success of European
Medicines Agency Marketing Authorization Applications; our plans to
evaluate, develop and pursue additional product candidates
utilizing our proprietary multivesicular liposome (“pMVL”) drug
delivery technology; the approval of the commercialization of our
products in other jurisdictions; clinical trials in support of an
existing or potential pMVL-based product; our commercialization and
marketing capabilities; our ability to successfully complete an
EXPAREL capacity expansion project in San Diego, California; our
ability to successfully complete a ZILRETTA capital project in
Swindon, England; the outcome of any litigation; the ability to
successfully integrate any future acquisitions into our existing
business; the recoverability of our deferred tax assets;
assumptions associated with contingent consideration payments; and
factors discussed in the “Risk Factors” of our most recent Annual
Report on Form 10-K and in other filings that we periodically make
with the Securities and Exchange Commission (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 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. Except as required by applicable law, we
undertake no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, and readers should not rely on these
forward-looking statements as representing our views as of any date
subsequent to the date of this press release.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to differ
materially from those expressed or implied by these statements.
These factors include the matters discussed and referenced in the
“Risk Factors” of our most recent Annual Report on Form 10-K and in
other filings that we periodically make with the SEC.
Investor Contact:
Susan Mesco, (973) 451-4030
susan.mesco@pacira.com
Media Contact:
Amber Sears, (973) 254-3587
amber.sears@pacira.com
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