Closely held Braeburn Pharmaceuticals appointed Michael Derkacz as president and CEO, succeeding Behshad Sheldon, who is stepping down from both posts and as a director, effective immediately, but will continue to serve as a consultant to Braeburn.
Mr. Derkacz, who has 25 years of biopharmaceutical experience, most recently was senior VP and head of Global Central Nervous System (CNS) and Pain Therapeutic areas for Teva Pharmaceuticals. He joined Teva through the acquisition of Cephalon, where he served as VP of the CNS Business unit.
"Mike is an accomplished and highly successful commercial leader, with deep expertise in launching new products, creating highly effective teams, and focused organizational leadership," Dr. Seth Harrison, chairman of Braeburn, said in a statement. Braeburn currently is marketing Titan Pharmaceuticals’ (NASDAQ:TTNP) Probuphine implant for the treatment of opioid addiction, which was cleared by the FDA last year. The company is also finalizing regulatory filings for its CAM2038 product.
Mr. Derkacz said Braeburn represents a compelling and unique opportunity to make an important difference for patients suffering serious neurological and psychiatric disorders, including opioid addiction, pain, and schizophrenia
Ms. Sheldon said she has great confidence that the team can build on the foundation set and attain the exciting clinical and commercial milestones anticipated in the years ahead.