PEARL RIVER, N.Y.--(BUSINESS WIRE)--Acorda Therapeutics, Inc. (Nasdaq: ACOR) today announced that Tom Burns, Chief Financial Officer at XOMA Corporation, has been elected to its Board of Directors by the stockholders at the Company’s Annual Meeting. Jeff Randall, who had served on Acorda’s Board since 2006 and was Chair of the Audit Committee, has rotated off the Board.
“Tom is a highly experienced, savvy financial executive, and we are delighted that he has joined our Board. His decades-long track record of achievement will benefit Acorda as we continue to optimize our financial structure and address our outstanding debt,” said Ron Cohen, M.D., Acorda’s President and Chief Executive Officer. “I also want to thank Jeff Randall for his many years of devoted service on Acorda’s Board. We wish him the very best.”
“I’m excited to be joining Acorda’s Board,” said Mr. Burns. “The Company has successfully addressed a number of challenges in the last few years, and has made impressive progress in reducing its operating expenses, maintaining AMPYRA’s revenue, and preparing for INBRIJA’s growth post-pandemic. I’m looking forward to working with the Board to continue to build value for our shareholders.”
John Kelley, Acorda’s Board Chair, added: “On behalf of Acorda’s Board, I want to welcome Tom to the team. His financial expertise will greatly benefit Acorda. I also join Ron in thanking Jeff for his excellent contributions to Acorda over the last 17 years, and wish him well in the future.”
Mr. Burns joined the XOMA Corporation finance team in 2006; in 2015, he was appointed Senior Vice President and Chief Financial Officer. In this role, he is responsible for all financial matters involving the XOMA portfolio of companies, including directing XOMA's financial strategy, accounting, budgeting, financial planning and analysis, and investor relations functions. Mr. Burns brings 25 years of experience in accounting and finance at both biotechnology and high technology companies. Previously, he held multiple senior financial management positions at high-tech companies, including Mattson Technology, IntruVert Networks (acquired by McAfee), Niku Corporation (acquired by Computer Associates), and Conner Technology. He received his Bachelor's degree from Santa Clara University and his Master of Business Administration from Golden Gate University.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and improve the lives of people with neurological disorders. INBRIJA® is approved for intermittent treatment of OFF episodes in adults with Parkinson’s disease treated with carbidopa/levodopa. INBRIJA is not to be used by patients who take or have taken a nonselective monoamine oxidase inhibitor such as phenelzine or tranylcypromine within the last two weeks. INBRIJA utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a technology platform designed to deliver medication through inhalation. Acorda also markets the branded AMPYRA® (dalfampridine) Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including: we may not be able to successfully market INBRIJA, AMPYRA or any other products under development; the COVID-19 pandemic, including related restrictions on in-person interactions and travel, and the potential for illness, quarantines and vaccine mandates affecting our management, employees or consultants or those that work for other companies we rely upon, could have a material adverse effect on our business operations or product sales; our ability to attract and retain key management and other personnel, or maintain access to expert advisors; our ability to raise additional funds to finance our operations, repay outstanding indebtedness or satisfy other obligations, and our ability to control our costs or reduce planned expenditures; the reverse stock split and its impact on the trading of our common stock; risks related to the successful implementation of our business plan, including the accuracy of its key assumptions; risks related to our corporate restructurings, including our ability to outsource certain operations, realize expected cost savings and maintain the workforce needed for continued operations; risks associated with complex, regulated manufacturing processes for pharmaceuticals, which could affect whether we have sufficient commercial supply of INBRIJA or AMPYRA to meet market demand; our reliance on third-party manufacturers for the timely production of commercial supplies of INBRIJA and AMPYRA; third-party payers (including governmental agencies) may not reimburse for the use of INBRIJA or AMPYRA at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; reliance on collaborators and distributors to commercialize INBRIJA and AMPYRA outside the U.S.; our ability to satisfy our obligations to distributors and collaboration partners outside the U.S. relating to commercialization and supply of INBRIJA and AMPYRA; competition for INBRIJA and AMPYRA, including increasing competition and accompanying loss of revenues in the U.S. from generic versions of AMPYRA (dalfampridine) following our loss of patent exclusivity; the ability to realize the benefits anticipated from acquisitions because, among other reasons, acquired development programs are generally subject to all the risks inherent in the drug development process and our knowledge of the risks specifically relevant to acquired programs generally improves over time; the risk of unfavorable results from future studies of INBRIJA (levodopa inhalation powder) or from other research and development programs, or any other acquired or in-licensed programs; the occurrence of adverse safety events with our products; the outcome (by judgment or settlement) and costs of legal, administrative or regulatory proceedings, investigations or inspections, including, without limitation, collective, representative or class-action litigation; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third-party intellectual property licenses needed for the commercialization of our products; and failure to comply with regulatory requirements could result in adverse action by regulatory agencies.
These and other risks are described in greater detail in our filings with the Securities and Exchange Commission. We may not actually achieve the goals or plans described in our forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this press release are made only as of the date hereof, and we disclaim any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release, except as may be required by law.
