Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a biopharmaceutical company focused on developing and commercializing innovative products, announced a CEO succession plan effective August 1, 2024. Paul R. Edick will retire from his operational and Chairman roles after more than seven years with the company. The Board has appointed John P. Shannon, Xeris’ President and Chief Operating Officer, as the new CEO and a member of the Board of Directors. Shannon, a key member of the executive team since 2017, will assume his new role in August. Edick will continue to serve as a senior advisor to Xeris until February 1, 2026. Marla S. Persky will become Chairperson of the Board, effective August 1, 2024.
“With such a strong foundation and a high-performing team, the Board has determined now is the right time to initiate our long-standing CEO succession plan and leadership transition. On behalf of the Board, I’d like to thank Paul for his leadership, commitment, and the legacy he has built. The Board is confident that John Shannon is the ideal person to lead the next chapter of Xeris’ evolution,” said Marla S. Persky, Xeris board member.
“It has been an honor to lead this incredible company and team. Together, we have grown from a small startup with less than a dozen employees to a successful commercial organization with over 400 employees, three marketed products, and the underlying technologies to continue advancing both our internal and partnered pipelines,” said Edick. “John and I have worked closely together for more than seven years. His contributions and leadership have been instrumental to our success. I look forward to supporting him in this transition.”
“Paul helped bring Xeris to where we are today—a thriving enterprise with tremendous momentum for continued growth,” said Shannon. “Xeris is stronger than ever. We anticipate total revenue of over $47 million in the second quarter, continuing to deliver robust revenue growth across the commercial franchise and advancing our internal pipeline and formulation feasibility programs for a wide range of therapeutic modalities. I have never been more optimistic about Xeris’ future, and I am excited to lead us into this next chapter.”
Shannon has over 40 years of experience in the pharmaceutical and healthcare industry with a diverse background in sales, U.S. and global marketing, operations and manufacturing, strategic planning, and business development. Before joining Xeris, Shannon served as CEO and Director for Catheter Connections, Inc. through its acquisition by Merit Medical. Prior to that, he served as Chief Commercial Officer for Durata Therapeutics and held several roles at Baxter Healthcare, including Vice President and General Manager of U.S. BioScience and General Manager, Global Hemophilia and Global Commercial Excellence. Shannon received a B.S. degree in biology with an emphasis in microbiology from Western Illinois University.
Xeris also announced preliminary second-quarter 2024 total revenue to exceed $47.0 million, representing more than 23% growth over last year, and reaffirmed year-end 2024 cash guidance of $55 million to $75 million. The Company will report its second-quarter and first-half 2024 financial results on Thursday, August 8, 2024.
