Insys promotes CFO to the helm as Saeed Motahari hits the exit; Gelesis gets OK to market weight loss treatment
→ Saeed Motahari is leaving Insys Therapeutics on the second anniversary of his appointment as CEO. The Purdue Pharma vet is succeeded by his CFO, Andrew Long, who is stepping up as the company struggles to stay afloat. A month ago, Insys revealed that the strategic counsel it hired raised “substantial doubt” about its ability to continue as a going concern due to losses and uncertainty as to whether it can generate enough cash for its legal fees and settlements. Its former executives are embroiled in court for allegedly bribing doctors to prescribe its potent, addictive fentanyl spray Subsys off-label. Meanwhile, the drugmaker’s billionaire founder and former chief John Kapoor is on trial for racketeering and conspiracy associated with Subsys sales. In conjunction with Long’s ascent to the top, Andrece Housley, the current corporate controller, will move up to fill its previous role. And Insys has promoted Venkat Goskonda to CSO, overseeing what remains of the company’s R&D and manufacturing activities.
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