On May 11, 2020 BioSpecifics Technologies Corp. (NASDAQ: BSTC), a biopharmaceutical company that originated and continues to develop collagenase-based therapies with a first-in-class collagenase-based product marketed as XIAFLEX in North America, reported the appointment of Joseph Truitt as Chief Executive Officer (Press release, BioSpecifics Technologies, MAY 11, 2020, View Source [SID1234557520]). Mr. Truitt was appointed interim Chief Executive Officer by the Company’s Board of Directors on April 6, 2020 and assumed this permanent role on May 7, 2020.
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"Joe is a high performing, experienced biopharma executive with an exceptional track record of building successful organizations. Joe’s appointment as Chief Executive Officer comes at a crucial inflection point in the Company’s evolution, as we have set forth a clear, twofold value creation strategy for maximizing the CCH portfolio of commercial and clinical assets and as we begin to take well-considered steps toward identifying external strategic opportunities," said Jennifer Chao, Chairman of the Board of Directors. "Joe has made important contributions over the last month and we look forward to the strong leadership he will bring to BioSpecifics."
Prior to joining BioSpecifics, Mr. Truitt was most recently Chief Executive Officer of Achillion Pharmaceuticals, Inc. He joined the company in 2009 and had previous roles of Chief Operations Officer and Chief Commercial Officer. Under his leadership, Achillion was acquired by Alexion Pharmaceuticals, Inc. for $1.2 billion.
"Over the last month, I have become even more confident in the deep value of the Company and the many growth opportunities, which were what originally drew me to the Company. I look forward to building an even greater future for BioSpecifics and improving many more patients’ lives," said Joseph Truitt, Chief Executive Officer of BioSpecifics.