Heron has a great future ahead with the people running this place. I've never worked for a company where leadership is so connected and knowledgeable about the business. This place is no joke and I'm going to be counting my $$$$ all the way to the bank. Best job ever.
So how was your launch meeting? I'm sure you're loaded up with great data, memorized objection handlers, and a super contract to make the office some money even though their patients will question why this option is being recommended when painless alternatives exist. You must be so psyched to bring this winner to your accounts!
Future darker then ever........ Heron Therapeutics (NASDAQ: HRTX) is under heavy pressure Monday (-10.6%) after the company disclosed late Friday it has accepted the resignations of Neil J. Clendeninn, M.D., Ph.D., the Company’s Senior Vice President, Chief Medical Officer, Paul G. Marshall, the Company’s Senior Vice President, Technical Operations, and Brian G. Drazba, the Company’s Vice President, Finance and Chief Financial Officer. The resignations of Dr. Clendeninn and Mr. Marshall are effective as of September 30, 2016. Heron said they will each be eligible to receive a one-time severance payment equal to their respective 2016 annual salary, plus the 2016 annual bonus payment for Dr. Clendeninn and the average annual bonus paid over the prior three years for Mr. Marshall, and certain additional severance benefits. The resignation of Mr. Drazba will be effective as of March 31, 2017, at which time he will be eligible to receive a one-time severance payment equal to his 2016 annual salary and his average annual bonus paid over the prior three years, as well as certain additional severance benefits.
It's a shame that the sales reps and other field based people are going to get hurt here. It's not their fault, even though one could say they should have asked their accounts a bit more about their willingness to use a pipe to inject a sludgy formulation under the skin when a line is already open for the chemo. But putting that aside, it's simply bad business acumen to expect a crappy product with ZERO benefits vs. existing competition and a meager buy-and-bill contract to do well. Mr. Tang should have cut his losses years ago. But ego and the chance to pump up the stock and then sell the company with an FDA approved drug and a validated delivery platform was probably just too enticing. So he plowed more and more money into the pit. Heron's story may well end up as a business school case study, with the moral being Know When to Throw in the Towel.
