Irish biopharmaceutical firm Amarin Corporation (NASDAQ:AMRN) will get a new CEO in the new year.
On Monday, Amarin announced that current company President John F. Thero will also become its Chief Executive Officer on Jan. 1. On that date, he will also join the company's Board of Directors.
Thero will replace current CEO Joseph S. Zakrzewski, who has announced his intention to retire from both the CEO's post and give up his position as Chairman of the Board, to become an ordinary director, also on Jan. 1. Zakrzewski was named Amarin CEO in November 2010.
Thero will not be Chairman of the Board. That post goes to current Lead Independent Director Lars Ekman.
In a press release, Amarin noted that Thero "has been a key executive of Amarin since November 2009 and has contributed substantial executive leadership and operational value to the company. Expanding John's role to CEO was the natural decision as the company embarks on the next stages of its commercial growth." The company is currently awaiting a decision from the U.S. Food and Drug Administration on whether its prescription-strength Vascepa omega 3 fatty acid pill can be used for purposes other than treating patients with high triglyceride levels. This decision may come out as early as Friday. A panel of outside advisers to the FDA voted against recommending the broader use in mid-October. Vascepa is the company's only product.
Amarin shares have lost 80% of their value over the past year. As of this writing, the shares had shed a further 1.7% today.
-- Material from The Associated Press was used in this report.
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