Mr. Dorsey's on board (today's SEC 8-K) of PTX indicates Mr. Cooper's confidence of driving Silenor to be PTX's primary product. In their previous PRs, PTX intend to do the following:
A) Re-launching Silenor. PTX has 120 sales REPS. Once the flu season wane down, this force can concentrate on selling Silenor. Silenor maintains about $10M revenue annually w/o any promotion. It is easy to have a few $M new sales with promotion. Silenor is very effective and superior safe in treating sleep maintenance. And a $M new revenue is critical to a small company as PTX.
B) Applying OTC status. Somaxon had meeting with FDA and cleared the pathway of how to gaining the OTC status. P&G joined the meeting, but P&G withdrawn later due Somaxon's failure to push Silenor ahead. PTX needs to prepare the OTC application -- it would be an sNDA (then 10 months review). Mr. Dorsey is the right person to handle that. Whenever the OTC is ripped, a partner will show up -- everybody wants to make money.
No generic Silenor prior to 2020, so PTX does have a golden chance to have a primary product.
On April 19, 2013, Pernix Therapeutics Holdings, Inc. (the “Company”) appointed Brian Dorsey, age 44, as the Company’s new Senior Vice President, Research & Development. Prior to his appointment as the Company’s Senior Vice President, Research & Development, Mr. Dorsey served as Senior Vice President, Technical Operations of Somaxon Pharmaceuticals, Inc. from April 2010 until the Company’s acquisition of Somaxon in March 2013. Mr. Dorsey joined Somaxon as Executive Director, Manufacturing and Program Management in March 2005. He was later promoted to Vice President, Manufacturing and Program Management in November 2006, and was named Vice President, Product Development in January 2007. From April 2002 to March 2005, Mr. Dorsey served as Head of Project Management, Medical Writing and Library Services at Maxim Pharmaceuticals Inc., a biopharmaceutical company. From May 2001 to April 2002, Mr. Dorsey served as Director, Head of Biopharmaceutical Project Management at Baxter Bioscience, a division of Baxter Healthcare Corporation. Previously, Mr. Dorsey served as a Global Project Leader/Project Director at Pfizer Global Research and Development (Agouron). Mr. Dorsey received his B.S. in chemistry and his Masters degree in executive leadership, both from the University of San Diego.
Pursuant to the terms of an offer letter between Mr. Dorsey and the Company, Mr. Dorsey will receive a base salary of $285,000.00 per year. Additionally, the Company will grant Mr. Dorsey a restricted stock award of 50,000 shares of the Company’s common stock upon commencement of his employment with the Company. The restricted shares will vest in equal one-third installments on each of the first, second and third anniversaries from the date of grant. The Company will grant Mr. Dorsey an additional restricted stock award of 50,000 shares of the Company’s common stock upon the final requisite regulatory approval of the marketing and sale of the Company’s Silenor product as an “over-the-counter” pharmaceutical product in the United States, provided that the value of such shares shall not exceed $1 million, valued as of the date immediately preceding issuance. The Company also agreed to pay Mr. Dorsey the severance compensation accrued to him as a result of his employment relationship with Somaxon Pharmaceuticals, Inc. prior to its acquisition by the Company in 2013, provided that the Company may pay up to one half of such compensation in the form of a restricted stock award under the Company’s equity incentive plans. Additionally, in the event Mr. Dorsey’s employment is terminated by the Company without cause or by Mr. Dorsey for “good cause,” Mr. Dorsey will be entitled to severance equal to one year’s annual base salary plus the cost of one year of health benefits and his equity awards will vest.