TheracosBio, after securing its first-ever FDA approval for the SGLT2 diabetes drug Brenzavvy, has undergone a CEO change, with Brian Connelly taking over from Al Collinson, Ph.D. Collinson, who led Theracos for over 14 years and played a pivotal role in developing Brenzavvy, will now serve in an advisory capacity.
Brian Connelly comes from a background in veterinary drug development, having previously been the COO of IncreVet, a company that Theracos Inc. acquired in 2022. This acquisition expanded Theracos’ portfolio and allowed them to explore new opportunities in the animal health sector.
“Leading TheracosBio, building the great team that is in place now, bringing an affordable SGLT2 inhibitor to market and realizing the vision to reduce cost barriers and expand access to new medications for people with common diseases has been a great privilege,” “I am confident that Brian’s background and familiarity with the company’s story make him a great choice to lead the company into this next phase of growth, and I look forward to witnessing the team’s continued evolution and success.”
“Reaching the significant milestones of FDA approval of Brenzavvy and recent commercial launch with Mark Cuban Cost Plus Drug Company (Cost Plus Drugs) underscores TheracosBio’s compelling momentum in delivering cost-effective novel medications for conditions that impact millions of people,” said Connelly. “I am excited to be a part of the TheracosBio team as we continue to build upon all that has been achieved under Al’s leadership, and I am grateful that Al will continue to share his insights and experience as an advisor to the company.”
– Dr. Collinson
The change in leadership at TheracosBio comes at a significant time, as the company is actively launching Brenzavvy. In a notable move, the Massachusetts-based company partnered with Mark Cuban’s online distributor, Cost Plus Drug Company, to offer Brenzavvy at a competitive price of $47.85 per monthly supply. This move puts TheracosBio in direct competition with higher-priced established treatments in the diabetes indication, such as AstraZeneca’s Farxiga and Eli Lilly and Boehringer Ingelheim’s Jardiance.
Brian Connelly brings valuable experience to the table, having previously worked as a lawyer for a firm serving biotech and life science companies. He later co-founded IncreVet, which became part of Theracos Inc.’s portfolio in 2022.
Furthermore, Theracos’ foray into animal health with the licensing of bexagliflozin to Elanco Animal Health led to the FDA’s approval of Elanco’s Bexacat as the first oral, non-insulin diabetes treatment for cats in December of the previous year.
With the new CEO at the helm and Brenzavvy’s recent FDA approval, TheracosBio is poised to make a significant impact in the diabetes treatment market, offering a more affordable option to patients and potentially challenging the dominance of higher-priced competitors.
