PARSIPPANY, N.J., April 19, 2016 (GLOBE NEWSWIRE) -- Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) today announced the appointment of Charles A. Reinhart III to the position of Chief Financial Officer. Mr. Reinhart will be responsible for overseeing all financial and capital market activities at Pacira, including accounting, financial reporting, financial planning and analysis and investor relations. In this position, he will succeed former Chief Financial Officer Jim Scibetta, who is currently President, and will report to Dave Stack, Chief Executive Officer and Chairman. Mr. Reinhart will start in this new role effective Tuesday, May 3, 2016.
“We are excited to welcome another key member to our leadership team in order to properly resource our growing Pacira brand,” said Mr. Stack. “Charlie brings valuable experience from working at commercial stage biotech and specialty pharmaceutical companies, succeeding in roles that both meet and exceed traditional CFO responsibilities—the type of strategic background and expertise that will help support the successful expansion of EXPAREL® (bupivacaine liposome injectable suspension) and pipeline opportunities.”
Prior to joining Pacira, Mr. Reinhart served as Chief Financial Officer of Covis Pharmaceuticals, Inc., Archimedes Pharma Ltd and PharmAthene, Inc. He has also held senior financial roles at Millennium Pharmaceuticals, Inc., Cephalon, Inc. and several early stage life sciences companies. Mr. Reinhart has successfully built and managed finance organizations within rapidly growing companies, responsible for accounting and financial reporting, financial planning and analysis, tax, treasury, risk management and procurement. He has worked closely with commercial teams to evaluate sales operations, monitor product pricing and implement contracting strategies. In addition, he has significant experience in investor relations, corporate development and capital raising. He has been integrally involved in equity and debt financing transactions, as well as the evaluation, acquisition and integration of multiple products and companies. Mr. Reinhart earned his Bachelor of Science degree from Lehigh University and his MBA from the Wharton School of the University of Pennsylvania. He is also a CPA.
“I am pleased to join Pacira during this period of investment and growth, and look forward to leading the talented Finance team that Jim Scibetta has already assembled here,” said Mr. Reinhart. “By providing an effective non-opioid option like EXPAREL for the treatment of postsurgical pain, Pacira has been able to demonstrate improved patient outcomes and lower overall costs to the healthcare system. I am excited to build upon the success of this product, as well as the company’s future opportunities, in my shared commitment with Pacira to enhance the patient experience and drive shareholder value.”
Pacira Pharmaceuticals, Inc. (NASDAQ:PCRX) is a specialty pharmaceutical company focused on the clinical and commercial development of new products that meet the needs of acute care practitioners and their patients. The company’s flagship product, EXPAREL® (bupivacaine liposome injectable suspension), indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia, was commercially launched in the United States in April 2012. EXPAREL and two other products have successfully utilized DepoFoam®, a unique and proprietary product delivery technology that encapsulates drugs without altering their molecular structure, and releases them over a desired period of time. Additional information about Pacira is available at www.pacira.com.
EXPAREL (bupivacaine liposome injectable suspension) is currently indicated for single-dose infiltration into the surgical site to produce postsurgical analgesia. The product combines bupivacaine with DepoFoam®, a proven product delivery technology that delivers medication over a desired time period. EXPAREL represents the first and only multivesicular liposome local anesthetic that can be utilized in the peri- or postsurgical setting. By utilizing the DepoFoam platform, a single dose of EXPAREL delivers bupivacaine over time, providing significant reductions in cumulative pain score with up to a 45 percent decrease in opioid consumption; the clinical benefit of the opioid reduction was not demonstrated. Additional information is available at www.EXPAREL.com.
Forward Looking Statements
Any statements in this press release about our future expectations, plans, outlook and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to: the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL; the rate and degree of market acceptance of EXPAREL; the size and growth of the potential markets for EXPAREL and our ability to serve those markets; our plans to expand the use of EXPAREL to additional indications and opportunities, and the timing and success of any related clinical trials; the related timing and success of United States Food and Drug Administration supplemental New Drug Applications; the outcome of the U.S. Department of Justice inquiry; our plans to evaluate, develop and pursue additional DepoFoam-based product candidates; clinical studies in support of an existing or potential DepoFoam-based product; our plans to continue to manufacture and provide support services for our commercial partners who have licensed DepoCyt(e); our commercialization and marketing capabilities; our and Patheon UK Limited’s ability to successfully and timely construct dedicated EXPAREL manufacturing suites; and other factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and in other filings that we periodically make with 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 our 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. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Pacira Pharmaceuticals, Inc.Jessica Cho, (973) 254-3574
Coyne Public Relations
Alyssa Schneider, (973) 588-2270
Pacira Pharmaceuticals, Inc