Questcor Pharmaceuticals Expands Senior Management Team
ANAHEIM, Calif., Feb. 5, 2014
ANAHEIM, Calif., Feb. 5, 2014 /PRNewswire/ -- Questcor Pharmaceuticals, Inc.
(NASDAQ: QCOR) today announced the appointment of Rajesh (Raj) Asarpota as the
Company's new Chief Financial Officer, effective February 17, 2014. Michael
H. Mulroy, the Company's current CFO, will become Executive Vice President,
Strategic Affairs and General Counsel, and spend increased time on the
Company's recently announced initiative to investigate and evaluate potential
strategic transactions to enhance shareholder value.
Mr. Asarpota, 47, joins Questcor from Life Technologies Corporation, where he
most recently served in a global leadership role as Vice President, Finance,
responsible for providing finance leadership on the company's growth strategy,
supply chain productivity, forecasting and analysis, and financial modeling
for mergers and acquisitions. During his time at Life Technologies, Mr.
Asarpota led cross-functional executive teams enabling successful growth for
the company through strategic planning and M&A. He also assisted the Life
Technologies Board of Directors with evaluating strategic options for the
company. Life Technologies was recently acquired by Thermo Fisher Scientific
for approximately $13.6 billion in equity value.
"We are excited to have Raj join the management team as Questcor's new Chief
Financial Officer," said Don M. Bailey, President and CEO of Questcor. "Raj
has the skills, experience, and drive that the Company needs to support
Questcor as it continues to grow in both size and financial complexity.
Questcor is at an inflection point in its growth and we believe it is
important to add to our management depth."
In addition, the Company announced today that David Medeiros, Questcor's
Executive Vice President & Chief Technical Officer, will transition to a
non-executive advisory role later this year. Questcor is initiating a search
for a new global head of manufacturing.
"Mr. Medeiros has been a key contributor to the tremendous success of Questcor
over the last several years. He successfully transitioned the manufacturing of
Acthar from Aventis to Questcor and has also been responsible for maintaining
an uninterrupted supply of Acthar for patients during a period of dramatic
expansion in the drug's usage. Since 2003, Dave has worked tirelessly to
ensure that Acthar remains available to the many patients who need it. In
addition, he has provided excellent counsel to me on many topics related to
Questcor and its ongoing growth. His many contributions have been deeply
appreciated and we will continue to benefit from his experience and insight as
we recruit, hire and integrate a new head of global manufacturing," commented
Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the
treatment of patients with serious, difficult-to-treat autoimmune and
inflammatory disorders. Questcor also provides specialty contract
manufacturing services to the global pharmaceutical industry through its
wholly-owned subsidiary BioVectra Inc. For more information about Questcor,
please visit www.questcor.com.
Note: Except for the historical information contained herein, this press
release contains forward-looking statements that have been made pursuant to
the Private Securities Litigation Reform Act of 1995. These statements relate
to future events or our future financial performance. These statements are
only predictions. Actual events or results may differ materially. Factors that
could cause or contribute to such differences include, but are not limited to,
oOur reliance on Acthar for substantially all of our net sales and profits;
oOur ability to effectively manage our growth, including our reliance on
oOur ability to identify and acquire other products or companies and to
establish effective financial and other controls for, and to otherwise
integrate, any such acquired products or companies;
oOur ability to successfully enter into, and operate in, international
oOther risks discussed in Questcor's annual report on Form 10-K for the
year ended December 31, 2012 as filed with the Securities and Exchange
Commission, or SEC, on February 27, 2013, and other documents filed with
The risk factors and other information contained in these documents should be
considered in evaluating Questcor's prospects and future financial
Questcor undertakes no obligation to publicly release the result of any
revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date of this release.
SOURCE Questcor Pharmaceuticals, Inc.
Contact: EVC Group, Gregory Gin/Patty Eisenhaur, 714-497-4899, or Janine
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