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Current Chief Financial Officer Rick Bierly to Retire in July 2016
SAN FRANCISCO, CA--(Marketwired - Mar 28, 2016) - Medivation, Inc. (
"We thank Rick for the leadership he has provided in helping us navigate our transition toward becoming the strong, fully-integrated commercial company we are today," said David Hung, M.D., Founder, President & CEO, Medivation. "He has developed a very strong and capable team and worked to ensure fiscal discipline to help lay the foundation for continued growth of the company. He leaves us well positioned for the future and confident in reiterating the 2016 financial guidance we issued last month. We wish him the very best in his retirement."
"I'm grateful to have served Medivation as CFO for the past two years, and I look forward to following its continued growth and success," said Mr. Bierly. "While Medivation is a special company making an important difference in patients' lives every day, it has been my plan to eventually return to the Philadelphia area where my family has resided for over 30 years."
Jennifer Jarrett joins Medivation following a distinguished 20-plus-year career in the investment banking industry, during which time she has focused primarily on the healthcare, life sciences, and biotechnology sectors.
"Jen has a truly impressive track record and is the ideal person to help Medivation realize its strategic vision and further enhance shareholder value as we move toward key inflection points in this next stage of our Company's evolution," added Dr. Hung. "Jen's extensive experience will be invaluable as she partners with our management team to drive finance, strategic deal making, strong commercial performance, and the advancement of our diversified, late-stage pipeline."
"I'm excited to join Medivation, and have long admired the Company as a stand out among the pharmaceutical industry for its management, deliberate focus, and for delivering on its vision" said Ms. Jarrett. "I look forward to being part of Medivation's future growth by helping to expand the Company's visibility in the marketplace, structure and assimilate new opportunities, advance the development program, and continue strong management of its financial operations so that we can further drive shareholder value."
Ms. Jarrett joins Medivation from Citigroup, where she was Managing Director responsible for building and managing Citigroup's West Coast life sciences and biotechnology investment banking group. Prior to Citigroup, Ms. Jarrett was a Managing Director in Credit Suisse's Health Care Group focused on the biotechnology sector. She earned a bachelor's degree in economics, Cum Laude, from Dartmouth College and holds a master's of business administration from Stanford University Graduate School of Business.
About Medivation, Inc.
Medivation, Inc. is a biopharmaceutical company focused on the development and commercialization of medically innovative therapies to treat serious diseases for which there are limited treatment options. Medivation aims to transform the treatment of these diseases and offer hope to critically ill patients and their families. For more information, please visit http://www.medivation.com
This press release contains forward-looking statements, including with regard to Medivation's 2016 financial guidance and commercial performance, continued growth, enhancement of shareholder value and advancement of its clinical pipeline. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties which may cause actual results to differ significantly from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: changes in the economic and financial conditions of Medivation and the pharmaceutical industry; changes in healthcare and pharmaceutical laws and regulations and reimbursement practices; Medivation's and Astellas' ability to sustain growth in revenues for XTANDI® (enzalutamide) capsules despite increasing competitive, reimbursement and economic challenges; the risk that unexpected adverse events could impact sales of XTANDI® (enzalutamide) capsules; the risk that delays or adverse results in clinical trials could cause delay or discontinuation of drug development activities; and other risks detailed in Medivation's filings with the Securities and Exchange Commission, or SEC, including its annual report on Form 10-K for the year ended December 31, 2015, which was filed on February 26, 2016. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Medivation disclaims any obligation or undertaking to update, supplement or revise any forward-looking statements contained in this press release.