John Shannon, President and Chief Operating
Officer, to succeed Paul Edick as new CEO and Board Director
Transition timing aligns with the solid
financial position of the Company, including consistently strong
growth from its commercial franchise, healthy cash position, and
the track record of its leadership team
Q2 ’24 total revenue is anticipated to exceed
$47 million, representing more than 23% growth over last year
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented
biopharmaceutical company committed to improving patient lives by
developing and commercializing innovative products across a range
of therapies, today announced a CEO succession plan effective
August 1, 2024, under which Paul R. Edick will be retiring from his
day-to-day operational and Chairman role at Xeris after more than
seven years with the Company. Pursuant to the Company’s succession
plan, the Board has appointed, John P. Shannon, Xeris’ President
and Chief Operating Officer, as the new CEO and a member of the
Board of Directors. Mr. Shannon has been a key member of Xeris’
executive leadership team since 2017. Mr. Edick will serve in a
senior advisory role to Xeris through February 1, 2026. The Company
also announced that Marla S. Persky will be Chairperson of the
Board effective August 1, 2024.
“With such a strong foundation and a very high performing team,
the Board has determined now is the right time to initiate our
long-standing CEO succession plan and leadership transition. On
behalf of the Board, I’d like to thank Paul for his leadership,
commitment, and the legacy he has built. The Board is confident
that John Shannon is the ideal person to lead the next chapter of
Xeris’ evolution,” said Marla S. Persky, Xeris board member.
“It has been an honor to lead this incredible company and team.
Together, we have grown from a small startup with less than a dozen
employees to a successful commercial organization with over 400
employees, three marketed products, and the underlying technologies
to continue advancing both our internal and partnered pipelines,”
said Mr. Edick. “John and I have worked closely together for more
than seven years. His contributions and leadership have been
instrumental to our success. I look forward to supporting him in
this transition.”
“Paul helped bring Xeris to where we are today—a thriving
enterprise with tremendous momentum for continued growth,” said Mr.
Shannon. “Xeris is stronger than ever. We anticipate total revenue
of over $47 million in the second quarter, continuing to deliver
robust revenue growth across the commercial franchise and advancing
our internal pipeline and formulation feasibility programs for a
wide range of therapeutic modalities.” Mr. Shannon continued, “I
have never been more optimistic about Xeris’ future, and I am
excited to lead us into this next chapter.”
Mr. Shannon has over 40 years of experience in the
pharmaceutical and healthcare industry with a diverse background in
sales, U.S. and global marketing, operations and manufacturing,
strategic planning, and business development. Before joining Xeris,
Mr. Shannon served as CEO and Director for Catheter Connections,
Inc. through its acquisition by Merit Medical. Prior to that, he
served as Chief Commercial Officer for Durata Therapeutics, and
held several roles at Baxter Healthcare, including Vice President
and General Manager of U.S. BioScience and General Manager, Global
Hemophilia and Global Commercial Excellence. Mr. Shannon received a
B.S. degree in biology with an emphasis in microbiology from
Western Illinois University.
Xeris also announced preliminary second quarter 2024 total
revenue to exceed $47.0 million, representing more than 23% growth
over last year, and reaffirms year-end 2024 cash guidance of $55
million to $75 million. The Company will report its second quarter
and first half 2024 financial results on Thursday, August 8,
2024.
About Xeris
Xeris (Nasdaq: XERS) is a growth-oriented biopharmaceutical
company committed to improving patient lives by developing and
commercializing innovative products across a range of therapies.
Xeris has three commercially available products; Gvoke®, a
ready-to-use liquid glucagon for the treatment of severe
hypoglycemia, Keveyis®, a proven therapy for primary periodic
paralysis, and Recorlev® for the treatment of endogenous Cushing’s
syndrome. Xeris also has a robust pipeline of development programs
to extend the current marketed products into important new
indications and uses and bring new products forward using its
proprietary formulation technology platforms, XeriSol™ and
XeriJect®, supporting long-term product development and commercial
success. For more information, visit www.xerispharma.com, or follow
us on X, LinkedIn, or Instagram.
Forward-Looking Statements
Any statements in this press release other than statements of
historical fact are forward-looking statements. Forward-looking
statements include, but are not limited to, statements about future
expectations, plans and prospects for Xeris Biopharma Holdings,
Inc., including statements regarding total revenue expectations for
second quarter 2024 and full-year 2024 cash guidance, Mr. Edick’s
expected Consulting Period, and other statements containing the
words “will,” “would,” “continue,” “expect,” “should,” “anticipate”
and similar expressions, constitute forward-looking statements
within the meaning of The Private Securities Litigation Reform Act
of 1995. These forward-looking statements are based on numerous
assumptions and assessments made in light of Xeris’ experience and
perception of historical trends, current conditions, business
strategies, operating environment, future developments,
geopolitical factors and other factors it believes appropriate. By
their nature, forward-looking statements involve known and unknown
risks and uncertainties because they relate to events and depend on
circumstances that will occur in the future. The various factors
that could cause Xeris’ actual results, performance or
achievements, industry results and developments to differ
materially from those expressed in or implied by such
forward-looking statements, include, but are not limited to, its
financial position and need for financing, including to fund its
product development programs or commercialization efforts, whether
its products will achieve and maintain market acceptance in a
competitive business environment, its reliance on third-party
suppliers, including single-source suppliers, its reliance on third
parties to conduct clinical trials, the ability of its product
candidates to compete successfully with existing and new drugs, and
its and collaborators’ ability to protect its intellectual property
and proprietary technology. No assurance can be given that such
expectations will be realized and persons reading this
communication are, therefore, cautioned not to place undue reliance
on these forward-looking statements. Additional risks and
information about potential impacts of financial, operational,
economic, competitive, regulatory, governmental, technological, and
other factors that may affect Xeris can be found in Xeris’ filings,
including its most recently filed Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission, the contents of
which are not incorporated by reference into, nor do they form part
of, this communication. Forward-looking statements in this
communication are based on information available to us, as of the
date of this communication and, while we believe our assumptions
are reasonable, actual results may differ materially. Subject to
any obligations under applicable law, we do not undertake any
obligation to update any forward-looking statement whether as a
result of new information, future developments or otherwise, or to
conform any forward-looking statement to actual results, future
events, or to changes in expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708688946/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com
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