Acorda Therapeutics Announces Departure of Chief, Business Operations
Acorda Therapeutics (Nasdaq: ACOR) announced the resignation of David Lawrence, Chief of Business Operations and principal accounting officer, effective mid-March 2021. Lawrence is moving to a leadership role in an early-stage biotech firm. Acorda's President, Ron Cohen, acknowledged his 22 years of service. Lawrence stated he leaves the company in an excellent position following recent financial improvements. Robert Morales will be the interim principal accounting and financial officer. Acorda focuses on therapies for neurological disorders, including its products INBRIJA and AMPYRA.
- David Lawrence's departure comes after significant improvements to Acorda's financial structure.
- Acorda has maintained key product development in the field of neurological therapies.
- Management transition may lead to uncertainty in the company's strategic direction.
- Potential adverse effects on investor confidence due to the resignation of a long-serving executive.
Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that David Lawrence, Chief, Business Operations and its principal accounting and financial officer, is resigning from the Company effective mid-March, 2021. Mr. Lawrence will take a leadership position at an early-stage biotechnology company.
“Dave has been an important part of Acorda’s leadership team over the past 22 years and we are grateful for the many contributions he has made to the Company,” said Ron Cohen, Acorda’s President and CEO. “While we will miss him, we support his interest in exploring a new phase of his career, and wish him well in his next opportunity.”
“I am proud to have been part of helping Acorda grow from a small, private company to a public, commercial company that has brought important new therapies to people living with neurological conditions, including Parkinson’s and multiple sclerosis,” said Mr. Lawrence. “Following our recently announced improvements to Acorda’s financial structure, I am leaving the company in an excellent position, and will be cheering it on to continued success.”
Robert Morales, Acorda’s Vice President of Finance and Controller, will assume the roles of interim principal accounting officer and interim principal financial officer.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market AMPYRA, INBRIJA or any other products under development; the COVID-19 pandemic, including related quarantines and travel restrictions, and the potential for the illness to affect our employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures and take other actions which are necessary for us to continue as a going concern; risks associated with the trading of our common stock and our reverse stock split; risks related to our workforce, including our ability to realize the expected benefits of our corporate restructuring; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA to meet market demand; our reliance on third-party manufacturers for the production of commercial supplies of AMPYRA and INBRIJA; third party payers (including governmental agencies) may not reimburse for the use of INBRIJA or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; competition for INBRIJA, AMPYRA and other products we may develop and market in the future, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions, among other reasons because acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from our other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.
These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
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