QRxPharma replaces CEO after MoxDuo setback

QRxPharma (ASX:QRX) CEO Dr John Holaday has stepped down as CEO and has been replaced by Dr Edward Rudnic.

Rudnic has been QRxPharma’s COO since early 2012. He has more than 30 years of senior management and product commercialisation experience in the life sciences industry.

He founded Advancis Pharmaceuticals (later re-named MiddleBrook Pharmaceuticals and sold to Victory Pharma) and has also held senior-level roles with Shire Pharmaceuticals, Pharmavene, Schering Plough and ER Squibb.

In his new role, Rudnic plans to focus on establishing a commercialisation strategy for the company’s dual-opioid pain drug Moxduo.

“To this end, we are postponing submission of the Moxduo Marketing Authorisation Application in Europe and evaluating the regulatory paths with our strategic collaborations in other jurisdictions,” he said.

Holaday had been serving as QRxPharma’s CEO for the last seven years. Chairman Peter Farrell said the change of guard “was set by mutual agreement to address the challenges facing the company”.

While Farrell did not elaborate on these challenges, he was likely referring in part to the fact that QRxPharma is facing its third US FDA knockback for Moxduo. The Anaesthetic and Analgesic Drug Products Advisory Committee last month recommended against approval of the company’s latest New Drug Application for the product.

QRxPharma (ASX:QRX) shares were trading 1.12% higher at $0.09 as of around 1 pm on Friday.