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|Pacira Pharmaceuticals Announces the Promotion of James S. Scibetta to President|
-- Dave Stack Remains Chairman and Chief Executive Officer; Continues to Drive Commercial Strategy and Clinical Development of EXPAREL® and the DepoFoam® Pipeline --
-- Mr. Scibetta to Lead Tactical Execution of Operations --
Mr. Scibetta will continue to report to Chief Executive Officer and Chairman
“Jim is a proven leader with demonstrated excellence in organizational efficiency to optimize results, and has been instrumental in accelerating the growth of Pacira,” said Mr. Stack. “This important evolution of senior management allows me the opportunity to place renewed focus on product strategy and long-term value driving opportunities for the Company and affords me the ability to more closely interface with our customers again. I look forward to continuing to advance our corporate mission to improve patient care by providing an innovative non-opioid option like EXPAREL to as many postsurgical patients as appropriate.”
Mr. Scibetta joined Pacira as chief financial officer in 2008 and led the Company’s 2011 initial public offering and subsequent debt and equity financings. In 2013, he took on the additional responsibility of oversight of the Pacira Science Center Campus activities. In 2014, Mr. Scibetta was promoted to senior vice president. He has more than 25 years of financial executive and investment banking experience serving public and private healthcare and life sciences companies.
Mr. Scibetta will continue to serve as chief financial officer while the company conducts a search for his successor, who will report to Mr. Stack. Chief Administrative Officer, General Counsel and Secretary
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.
Important Safety Information
EXPAREL is contraindicated in obstetrical paracervical block anesthesia. EXPAREL has not been studied for use in patients younger than 18 years of age. Non-bupivacaine-based local anesthetics, including lidocaine, may cause an immediate release of bupivacaine from EXPAREL if administered together locally. The administration of EXPAREL may follow the administration of lidocaine after a delay of 20 minutes or more. Other formulations of bupivacaine should not be administered within 96 hours following administration of EXPAREL. Monitoring of cardiovascular and neurological status, as well as vital signs should be performed during and after injection of EXPAREL as with other local anesthetic products. Because amide-type local anesthetics, such as bupivacaine, are metabolized by the liver, EXPAREL should be used cautiously in patients with hepatic disease. Patients with severe hepatic disease, because of their inability to metabolize local anesthetics normally, are at a greater risk of developing toxic plasma concentrations. In clinical trials, the most common adverse reactions (incidence greater-than or equal to 10%) following EXPAREL administration were nausea, constipation, and vomiting.
Please see the full Prescribing Information for more details available at http://www.exparel.com/pdf/EXPAREL_Prescribing_Information.pdf.
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,” 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, including nerve block, oral surgery and chronic pain, as well as pediatrics, and the timing and success of any related clinical trials; the related timing and success of a