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Insys Therapeutics names current CFO Andrew Long as company's new CEO

Published on 16/04/19 at 10:20am

Insys Therapeutics has said Andrew Long will take over from Saeed Motahari as the company’s new CEO.

The opioid drugmaker said the decision had come after Motahari agreed to step down from the position of President and CEO.

The firm, who have faced legal issues over the marketing of their fentanyl based spray Subsys, have seen a series of successions in recent years after CEO Michael Babich was arrested in 2016.

The company were thus keen to emphasise their leadership in the “development, manufacture and commercialization of pharmaceutical cannabinoids.”

Long, has acted as the Arizona-based company’s Chief Financial Officer (CFO) since 2017, brings to the role more than three decades worth of experience.

Meanwhile, Andrece Housley, Insys Therapeutics’ Corporate Controller, will take over from Long as the company’s new CFO.

It was also announced that Insys veteran Dr Venkat Reddy Goskanda will be promoted to the position of Chief Scientific Officer.

Steven Meyer, Chairman of the Board of Directors, remarked, “We believe that now is the right time to transition leadership and that Andy is an excellent choice to serve as the Company’s CEO. Andrece and Dr Goskonda’s promotions are a reflection of their contributions to INSYS. On behalf of the Board, I thank Saeed for his commitment to INSYS and meaningful contributions to the enterprise. We appreciate Saeed’s dedication to INSYS’ employees and stakeholders and we wish him all the best in the future.”  

Before joining Insys in 2017, Motahari had acted as Senior Vice President, Chief Commercial Officer at OxyContin drugmaker Purdue Pharma from 2014 to 2017.

The shake-up comes as Insys struggles to stay afloat amid legal battles over allegations the company bribed doctors to prescribed sublingual fentanyl spray Subsys. Meanwhile Insys founder John Kapoor is on trial for racketeering and conspiracy.   

Louis Goss

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