Pozen announced Monday that its founder and CEO, John Plachetka, is retiring and also leaving the Chapel Hill company’s board of directors.
Plachetka’s retirement is effective immediately. The board has named Adrian Adams to replace him as CEO and take his seat on the board.
“I want to express my gratitude to all the Pozen employees with whom I’ve worked, who brought two outstanding drugs to market, Treximet and Vimovo, and who moved Yosprala into a position where it should be ready for commercialization next year,” Plachetka in a statement. “Now, it is time to move Pozen to the next level and I am very pleased that Adrian and his team have agreed to assume this responsibility.”
Pozen shares fell 14 percent in a single day last month after the company posted a small first-quarter loss of $27,358. It also reported no progress on getting approval from the Food and Drug Administration for Yosprala, its experimental cardiovascular drug.
The FDA has twice cited deficiencies at a Pozen supplier’s manufacturing facility that makes an active ingredient in Yosprala. If approved, the drug will be Pozen's third product in its portfolio. The company already markets the acute migraine treatment drug Treximet and arthritis relief drug Vimovo.
Investors responded positively to the change in leadership on Monday. The stock rose 40 cents, or 6 percent, to close at $6.85. The shares are down 13.5 percent this year.
Adams was most recently CEO and president of Auxilium Pharmaceuticals, a specialty pharmaceutical company that was acquired by Endo Pharmaceuticals in January. Adams also previously served as CEO of Neurologix, a gene therapy company.
Andrew Koven has also been appointed Pozen’s president and chief business officer. Koven worked with Adams at Auxilium, where he was chief administration officer and general counsel. Koven also worked at Neurologix.