Karyopharm Announces the Appointment of Richard Paulson as President and Chief Executive Officer
Karyopharm Therapeutics Inc. (Nasdaq: KPTI) appointed Richard Paulson as President and Chief Executive Officer effective May 3, 2021, succeeding Michael G. Kauffman and Sharon Shacham. Paulson, who has extensive biopharmaceutical experience and previously served as CEO of Ipsen North America, aims to enhance Karyopharm's commercialization efforts and expand the reach of its lead product, XPOVIO. Kauffman transitions to Senior Clinical Advisor, focusing on clinical developments. The leadership change is positioned as essential for driving growth and innovation at a pivotal moment for the company.
- Richard Paulson's experience in global product commercialization may enhance Karyopharm's growth.
- The leadership change is expected to strengthen Karyopharm's focus on expanding XPOVIO's impact across indications.
- Transitioning leadership may create temporary disruptions affecting business continuity.
NEWTON, Mass., May 3, 2021 /PRNewswire/ -- Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a commercial-stage pharmaceutical company pioneering novel cancer therapies, today announced the appointment of Richard Paulson as Karyopharm's President and Chief Executive Officer, effective May 3, 2021. Mr. Paulson will also remain a member of the Board of Directors. He will succeed Michael G. Kauffman, MD, PhD, as Chief Executive Officer and Sharon Shacham, PhD, MBA, as President. Dr. Kauffman will continue in his role as a member of the Board of Directors and assume a new role with the Company as Senior Clinical Advisor. Dr. Shacham will continue in her roles as Chief Scientific Officer overseeing research, development and regulatory affairs and as Chair of the Company's Scientific Advisory Board. Mr. Paulson, who most recently served as Executive Vice President of Ipsen Pharmaceuticals, Inc. and Chief Executive Officer of Ipsen North America, a global biopharmaceutical company focused on innovation and specialty care, has been a member of Karyopharm's Board of Directors since February 2020 and brings over 25 years of global biopharmaceutical industry experience, including various international leadership roles transforming organizations and developing highly successful teams across three continents, where he has launched best-in-class products across multiple therapeutic areas including oncology medicines.
"I am honored to serve as Karyopharm's next President and Chief Executive Officer and can't thank Drs. Kauffman and Shacham enough for their vision, leadership, and immense contributions to the scientific and initial commercial success achieved by Karyopharm," said Mr. Paulson. "Under Michael and Sharon's leadership, the Company's lead medicine, XPOVIO®, has received three separate FDA approvals in the past two years, along with an approval in the European Union, and the resulting impact on improving the lives of patients with cancer has been remarkable."
Mr. Paulson continued, "As Karyopharm is now at a pivotal point in its commercialization efforts, I am excited to lead the Company in its next chapter of growth and innovation as we seek to expand XPOVIO's impact across indications and geographies. Importantly, Karyopharm's culture is rooted in a commitment to patients, which is in complete alignment with my personal value system. I look forward to leveraging my experience in global product commercialization and executive leadership to further advance Karyopharm's impact on patients and their caregivers with the goal of continuing to build our myeloma franchise and expand into additional hematologic and solid tumor indications."
In Dr. Kauffman's new role as Senior Clinical Advisor, he will help guide additional clinical development for Karyopharm's robust pipeline of programs, with an increasing focus on solid tumor indications.
"It has been the privilege of a lifetime to help found and lead Karyopharm, along with Dr. Sharon Shacham, over the past twelve years," said Dr. Kauffman. "With three FDA approvals as well as our first marketing authorization in Europe, I believe now more than ever that flawless commercial execution will be imperative for Karyopharm to achieve its long-term goals. Having worked closely with Richard over the past year, I am confident that he is extremely well positioned to lead Karyopharm as we continue the important work ahead for the Company. Richard has a tremendous track record of success in leading commercial companies and I look forward to working with him as our Company's next CEO."
"Mr. Paulson is a passionate, highly accomplished biopharmaceutical leader whose understanding of the commercial oncology space will be critical to Karyopharm as we seek to expand our commercial reach," said Barry Greene, Karyopharm's lead independent director and Chair of the Nominating, Corporate Governance & Compliance Committee. "Having worked directly with Richard as a fellow Board member, we are thrilled to have him take on an even greater role as Karyopharm's next Chief Executive Officer and on behalf of the entire Board, I would like thank both Michael and Sharon for their tremendous leadership and dedication to Karyopharm's past and future success."
About Richard Paulson
Mr. Paulson has served as a member of Karyopharm's Board of Directors since February 2020. He was previously an Executive Vice President of Ipsen Pharmaceuticals, Inc. and Chief Executive Officer of Ipsen North America, a global biopharmaceutical company focused on innovation and specialty care in areas of oncology, neuroscience and rare diseases, from February 2018 to May 2021. Mr. Paulson previously worked at Amgen for 10 years holding varying leadership positions across Europe and North America, including Vice President and General Manager of Amgen's U.S. Oncology Business Unit, and prior to that served as the Vice President of Marketing for Amgen's U.S. Oncology Business, General Manager of Amgen Germany, and General Manager of Amgen Central & Eastern Europe. Prior to Amgen, Mr. Paulson held a number of global leadership positions at Pfizer Inc., including serving as General Manager of Pfizer South Africa and Pfizer Czech Republic. Mr. Paulson also previously held a variety of sales, marketing, and market access roles with increasing seniority at GlaxoWellcome in Canada. Mr. Paulson has an MBA from the University of Toronto, Canada and an undergraduate degree in commerce from the University of Saskatchewan, Canada.
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (NASDAQ: KPTI) is a commercial-stage pharmaceutical company pioneering novel cancer therapies and dedicated to the discovery, development, and commercialization of first-in-class drugs directed against nuclear export for the treatment of cancer and other diseases. Karyopharm's Selective Inhibitor of Nuclear Export (SINE) compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). Karyopharm's lead compound, XPOVIO® (selinexor), is approved in the U.S. in multiple hematologic malignancy indications, including in combination with Velcade® (bortezomib) and dexamethasone for the treatment of adult patients with multiple myeloma after at least one prior therapy, in combination with dexamethasone for the treatment of adult patients with heavily pretreated multiple myeloma and as a monotherapy for the treatment of adult patients with relapsed or refractory diffuse large B-cell lymphoma. NEXPOVIO® (selinexor) has also been granted conditional marketing authorization in combination with dexamethasone for adult patients with heavily pretreated multiple myeloma by the European Commission. In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm has several investigational programs in clinical or preclinical development. For more information, please visit www.karyopharm.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those regarding Karyopharm's expectations and plans relating to XPOVIO for the treatment of adult patients with relapsed or refractory multiple myeloma or relapsed or refractory diffuse large B-cell lymphoma; commercialization of XPOVIO or any of its drug candidates and the commercial performance of XPOVIO; submissions to, and the review and potential approval of selinexor by, regulatory authorities, including the Company's regulatory strategy, the anticipated availability of data to support such submissions, timing of such submissions and actions by regulatory authorities and the potential availability of accelerated approval pathways; the expected design of the Company's clinical trials; and the therapeutic potential of and potential clinical development plans for Karyopharm's drug candidates, especially selinexor. Such statements are subject to numerous important factors, risks and uncertainties, many of which are beyond Karyopharm's control, that may cause actual events or results to differ materially from Karyopharm's current expectations. For example, there can be no guarantee that Karyopharm will successfully commercialize XPOVIO; that regulators will grant confirmatory approval in the European Union based on the BOSTON study in adult patients with multiple myeloma; or that any of Karyopharm's drug candidates, including selinexor, will successfully complete necessary clinical development phases or that development of any of Karyopharm's drug candidates will continue. Further, there can be no guarantee that any positive developments in the development or commercialization of Karyopharm's drug candidate portfolio will result in stock price appreciation. Management's expectations and, therefore, any forward-looking statements in this press release could also be affected by risks and uncertainties relating to a number of other factors, including the following: the risk that the COVID-19 pandemic could disrupt Karyopharm's business more severely than it currently anticipates, including by negatively impacting sales of XPOVIO, interrupting or delaying research and development efforts, impacting the ability to procure sufficient supply for the development and commercialization of selinexor or other product candidates, delaying ongoing or planned clinical trials, impeding the execution of business plans, planned regulatory milestones and timelines, or inconveniencing patients; the adoption of XPOVIO in the commercial marketplace, the timing and costs involved in commercializing XPOVIO or any of Karyopharm's drug candidates that receive regulatory approval; the ability to obtain and retain regulatory approval of XPOVIO or any of Karyopharm's drug candidates that receive regulatory approval; Karyopharm's results of clinical trials and preclinical studies, including subsequent analysis of existing data and new data received from ongoing and future studies; the content and timing of decisions made by the U.S. Food and Drug Administration and other regulatory authorities, investigational review boards at clinical trial sites and publication review bodies, including with respect to the need for additional clinical studies; the ability of Karyopharm or its third party collaborators or successors in interest to fully perform their respective obligations under the applicable agreement and the potential future financial implications of such agreement; Karyopharm's ability to enroll patients in its clinical trials; unplanned cash requirements and expenditures; development or regulatory approval of drug candidates by Karyopharm's competitors for products or product candidates in which Karyopharm is currently commercializing or developing; and Karyopharm's ability to obtain, maintain and enforce patent and other intellectual property protection for any of its products or product candidates. These and other risks are described under the caption "Risk Factors" in Karyopharm's Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (SEC) on February 24, 2021, and in other filings that Karyopharm may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by law, Karyopharm expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
XPOVIO® is a registered trademark of Karyopharm Therapeutics Inc. Velcade® is a registered trademark of Takeda Pharmaceutical Company Limited.
Contacts:
Investors:
Karyopharm Therapeutics Inc.
Ian Karp, Senior Vice President, Investor and Public Relations
857-297-2241 | ikarp@karyopharm.com
Media:
720 Strategies
Andrew Lee
andrew.lee@720strategies.com
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SOURCE Karyopharm Therapeutics Inc.
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