MONMOUTH JUNCTION, N.J., Nov. 7, 2012 /PRNewswire/ -- Insmed Incorporated (Nasdaq CM: INSM), a biopharmaceutical company focused on developing inhaled therapeutics for serious diseases of the lung, today announced the appointment of Andrew Drechsler to the position of Chief Financial Officer. Mr. Drechsler will assume the role of Principal Financial and Accounting Officer as of November 8, 2012.
Mr. Drechsler offers 15 years of financial and operational leadership experience in both public and private life sciences companies. He joins Insmed from VaxInnate Corporation, a privately held clinical-stage biotechnology company developing vaccines for infectious diseases, where he was Chief Financial Officer. During his five years with VaxInnate, Mr. Drechsler led multiple financing transactions totaling more than $55 million. In addition, he was influential in helping VaxInnate secure approximately $200 million in U.S. government funding. Previously, Mr. Drechsler was Chief Financial Officer of publicly-traded Valera Pharmaceuticals where he helped raise $35 million through an initial public offering in 2006, completed a licensing and investment agreement with a partner for two products and worked with senior management to build a commercial team. Mr. Drechsler was part of the team that negotiated the sale of the company to Indevus Pharmaceuticals in 2007 in a transaction valued at $150 million. He was also responsible for all Securities and Exchange Commission reporting at Valera.
Mr. Drechsler's vast public company and financial reporting duties have also included serving as Controller for a variety of companies, including Abbott Laboratories' Point of Care Division, which was publicly-traded as i-Stat Corporation prior to being acquired by Abbott, and Biomatrix, Inc., which was publicly-traded prior to being acquired by Genzyme. He graduated Magna Cum Laude from Villanova University with a B.S. in Accounting and received his certified public accountant license in New Jersey.
"With his expertise and leadership in finance and in operations more broadly at several life sciences companies, Andy will bring extensive breadth and capabilities to the Insmed management team," said Will Lewis, President and CEO of Insmed. "I look forward to working closely with him as we pursue the next stage of Insmed's growth.""Insmed has developed a highly innovative and differentiated product candidate that has the potential to change the lives of patients suffering from serious lung infections," said Mr. Drechsler. "The momentum of the ongoing clinical trials for this promising product candidate in combination with our solid balance sheet provides a strong foundation for our future."