SAN
DIEGO, June 12, 2023 /PRNewswire/ -- Heron
Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology
company focused on improving the lives of patients by developing
best-in-class treatments to address some of the most important
unmet patient needs, today announced the appointment of
William Forbes, Pharm.D., as
Executive Vice President, Chief Development Officer. In
addition, Kimberly Manhard, Heron's
Executive Vice President, Drug Development, has resigned from her
position. Dr. Forbes joins Heron's management team and will
be responsible for leading clinical and product development for
Heron's acute care and oncology care franchises.
"I am thrilled to welcome Bill to the Heron team as Chief
Development Officer," said Craig
Collard, Chief Executive Officer of Heron. "Bill has a
proven track record of success in pharmaceutical product
development, achieving many key regulatory milestones and marketing
approvals across a wide range of therapeutic areas and
markets. His extensive experience will be valuable as we grow
our commercial franchises and advance our product pipeline in acute
care and oncology."
Dr. Forbes brings more than thirty years of pharmaceutical
product development experience to Heron and has contributed to 14
marketing approvals spanning a diverse range of therapeutic areas
in the U.S. and European markets. Prior to joining Heron, Dr.
Forbes served as the Chief Development Officer at Trevi
Therapeutics, Inc. from 2021 to 2022. From 2016 to 2020, Dr. Forbes
served as the President and CEO of Vivelix Pharmaceuticals, Ltd.,
where he was the founder and responsible for all strategic and
operational aspects of the organization. Prior to that, Dr. Forbes
served as the Chief Development Officer at Salix Pharmaceuticals,
Inc. as the Head of Medical and R&D from 2005 to 2015. Earlier
in his career, Dr. Forbes held various positions in clinical
research and development at Metabasis Therapeutics, Inc., Otsuka
America Pharmaceuticals, Inc., and Glaxo, Inc. Dr. Forbes
received his Doctor of Pharmacy degree from Creighton University, and he completed fellowships
in cardiovascular research at Creighton Cardiac Center and in
clinical research at Glaxo, Inc.
"This is a very exciting time to join Heron, with a thriving
commercial portfolio designed to address some of the most important
unmet needs in oncology and postoperative pain management," said
Dr. Forbes. "My enthusiasm for APONVIE, ZYNRELEF, SUSTOL and
CINVANTI is very high, and I look forward to working with the
accomplished team to achieve our product development goals and
continue to deliver benefit to the patients we serve."
In connection with the commencement of Dr. Forbes' employment,
Heron granted Dr. Forbes an inducement award consisting of (i) a
non-statutory stock option to purchase 500,000 shares of Heron
common stock (Inducement Option), (ii) restricted stock units
consisting of 50,000 shares of Common Stock (Inducement RSUs), and
(iii) a non-statutory stock option to purchase up to 700,000 shares
of Heron common stock based upon the achievement of certain stock
price goals (Inducement PSO). The Inducement Option and Inducement
PSO each have an exercise price based on the closing price per
share as reported on the Nasdaq Capital Market as of June 6, 2023, the effective date of the grants
and the start date of Dr. Forbes's employment with Heron. The
Inducement Option has a 10-year term with a four-year vesting
schedule, with 25% of the shares subject to the option vesting on
the first anniversary of the grant date and the remaining 75%
vesting on a monthly basis over the next three years, subject to
Dr. Forbes' continuous service through each vesting date. The
Inducement RSUs vest as to 25% of the shares subject to the
Inducement RSUs on each of the first four anniversaries of the
grant date, subject to Dr. Forbes' continuous service through each
such vesting date. The Inducement PSO has a 10-year term and vests
as to a certain number of shares of common stock upon achievement
of certain stock price goals during Dr. Forbes' employment with
Heron and during the term of the Inducement PSO, subject to Dr.
Forbes' continuous service through each such vesting date. In
accordance with Nasdaq Listing Rule 5635(c)(4), the inducement
award grants were approved by Heron's Compensation Committee of the
Board of Directors and made as a material inducement to Dr. Forbes
entering into employment with Heron.
About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage biotechnology
company focused on improving the lives of patients by developing
best-in-class treatments to address some of the most important
unmet patient needs. Our advanced science, patented technologies,
and innovative approach to drug discovery and development have
allowed us to create and commercialize a portfolio of products that
aim to advance the standard-of-care for acute care and oncology
patients. For more information, visit www.herontx.com.
Forward-looking Statements
This news release contains "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
Heron cautions readers that forward-looking statements are based on
management's expectations and assumptions as of the date
of this news release and are subject to certain risks and
uncertainties that could cause actual results to differ materially,
and other risks and uncertainties identified in the Company's
filings with the U.S. Securities and Exchange Commission.
Forward-looking statements reflect our analysis only on their
stated date, and Heron takes no obligation to update or revise
these statements except as may be required by law.
Investor Relations and Media Contact:
David Szekeres
Executive Vice President, Chief Operating Officer
Heron Therapeutics, Inc.
dszekeres@herontx.com
858-251-4447
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SOURCE Heron Therapeutics, Inc.