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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