VIVUS announced it has reached an agreement with Seth H. Z. Fischer, who will step down as CEO and as a member of the board of directors effective 31 December, 2017 and become a strategic consultant to the company.
The company further announced that current board member Thomas B. King will assume the role of interim CEO.
VIVUS' Board is working with an executive search firm to help identify Fischer's successor. Fischer will serve as a strategic advisor to the company through 2018 to ensure a smooth transition and continued advancement of the company's strategic initiatives.
“On behalf of the Board, I would like to thank Seth for his leadership and dedication for our patients, health care providers, partners and employees,” said David Norton, Chairman at VIVUS.
“While serving as CEO, Seth has driven important strategic initiatives to help reposition the company.”
“Tom is a broadly experienced biotech executive, having previously been CEO of three companies, two of which were publicly-traded,” said David Norton, Chairman of the VIVUS Board of Directors.
“His combination of drug development expertise, product portfolio management and commercial products background is a strong fit for where VIVUS is as a company.”
“I believe VIVUS is in the position to be able to aggressively move forward into 2018 to establish a new corporate development trajectory, by injecting momentum with a renewed focus and the deployment of additional resources, to facilitate transacting and positioning the company to achieve its strategic goals,” said Thomas B. King.
Thomas B. King has served as a Director of the company since 24 May, 2017. King has been an independent biotechnology consultant since August 2016.
From June 2003 to August 2016, King served as President, CEO and a member of the board of directors of Alexza Pharmaceuticals, a publicly-traded pharmaceutical company.
Prior to that, from September 2002 to April 2003, King served as President, CEO and a member of the board of directors of Cognetix, a privately-held biopharmaceutical development-stage company.
From January 1994 to February 2001, King held various senior executive positions at Anesta Corporation, a publicly-traded pharmaceutical company, including President and CEO from January 1997 to October 2000 and was a member of the board of directors until it was acquired by Cephalon, a publicly-traded biopharmaceutical company.
King currently serves on the board of directors of Faraday Pharmaceuticals, Satsuma Pharmaceuticals and Concentric Analgesics, all privately-held biotechnology companies.
King received a BA in chemistry from McPherson College and an MBA from the University of Kansas Graduate School of Business.
