TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative, leading women's healthcare company, today announced the appointment of Hugh O'Dowd as President. Mr. O'Dowd succeeds John C.K. Milligan, IV, who the Company recently appointed as Chief Executive Officer of its vitaCare Prescription Services business.
"I am delighted to welcome Hugh as President of TherapeuticsMD. Hugh has a significant operating and strategic history with both large and small pharmaceutical companies including over 20 years at Novartis, where he navigated some of the most challenging payor and commercial environments, and consistently delivered superior performance. I believe Hugh will be instrumental in helping TherapeuticsMD build value for our stockholders," stated Robert G. Finizio, Chief Executive Officer of TherapeuticsMD.
"I view TherapeuticsMD as an emerging leader in the women's health segment, and I am confident we can unlock the value of the Company's novel and well differentiated portfolio to drive superior performance. I deeply believe this Company is about empowering and enabling women to have control throughout their life cycles from reproductive health through menopause. I look forward to working with the TherapeuticsMD leadership team and its dedicated employees to advance our commercialization plan and further define the Company's future," stated Hugh O'Dowd.
Mr. O'Dowd previously served as President, Chief Executive Officer, and a member of the Board of Directors of Neon Therapeutics, Inc., a clinical-state immuno-oncology company that developed neoantigen-based therapeutics, from September 2016 until its acquisition by BioNTech SE in May 2020. Prior to Neon Therapeutics, Mr. O'Dowd spent more than 20 years in a variety of senior leadership roles at Novartis Pharmaceuticals Corporation, where he served as Country President and General Manager of the United Kingdom and Ireland from 2015 to 2016, Senior Vice President and Chief Commercial Officer of Novartis Oncology from 2011 to 2015, and Vice President, Latin America Region Head for the Oncology business unit from 2009 to 2011. During his time as Chief Commercial Officer Oncology, Mr. O'Dowd was responsible for the oncology portfolio strategy for the world's then second-largest oncology/hematology organization, including global brand leadership, business development/licensing, and commercialization. Mr. O'Dowd currently serves as Director and Non-executive Chairman of ONK Therapeutics Ltd, an innovative natural killer cell therapy company, and as a Director of Polyphor AG, a clinical-stage biopharmaceutical company focused on the discovery and development of antibiotics and immuno-oncology compounds. Mr. O'Dowd received an MBA from the Kellstadt Graduate School of Business at DePaul University in Chicago and a B.A. from Loyola University Chicago.
Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
As a material inducement to Mr. O'Dowd's acceptance of the appointment, the Company agreed to grant Mr. O'Dowd, no later than August 31, 2021, an award of 2,750,000 restricted stock units ("RSUs") and 2,750,000 performance stock units ("PSUs") corresponding to shares of common stock of the Company outside of the Company's 2019 Stock Incentive Plan (the "2019 Plan"). The inducement award was approved by a majority of the independent directors the Company's Board of Directors in reliance on the employment inducement exception to shareholder approval provided under NASDAQ Stock Market Listing Rule 5635(c)(4). The RSUs will vest in equal annual installments over three years beginning August 31, 2022 and are subject to Mr. O'Dowd's continuous service with the Company. The PSUs will vest on August 31, 2024 based on the Company's market capitalization, which will be tested annually over three years beginning August 31, 2022 and are subject to Mr. O'Dowd's continuous service with the Company.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The company is committed to...
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