Thursday, May 26, 2011

CFO Arkowitz leaving AMAG Pharmaceuticals

By James M. Connolly

AMAG Pharmaceuticals inc. (Nasdaq: AMAG), a Lexington company that sells a a therapeutic for iron deficiency anemia, said today that executive vice president and chief financial officer David Arkowitz has resigned to take a position with a biofuels company.

Arkowitz, who was with the company for four years, will remain with AMAG until June 24.

AMAG said that Edward C. English, 44, who is the company’s vice president and corporate controller, will serve as interim CFO during a search for a new CFO. English has been with AMAG since 2007 and previously served in various roles with Praecis Pharmaceuticals Inc., including CFO and treasurer.

English holds a B.S. in business administration from Georgetown University and a joint M.S. in accounting and MBA from Northeastern University.

Earlier this month, AMAG reported a net loss of $22.3 million, or a loss of $1.05 per basic and diluted share, for the quarter ended March 31, compared to a net loss of $23.1 million, or a loss of $1.15 per basic and diluted share, for the same period in 2010. Total revenue for the quarter ended March 31, 2011, was $13.4 million, compared to $13.3 million for the same period in 2010.

In February, AMAG reported that Health Canada had stalled a new drug submission from AMAG with a notice of non-compliance for its Feraheme injection, intended to treat iron deficiency anemia in adult chronic kidney disease patients.