Marlborough pharma company names first CFO
PHOTO | Courtesy TheracosBio
Jeff McGroarty, CFO at TheracosBio in Marlborough
Marlborough-based pharmaceutical company TheracosBio appointed Jeff McGroarty as its first full-time chief financial officer. His appointment comes following regulatory approval of a new diabetes drug, TheracosBio’s first commercial product.
TheracosBio received approval from the U.S. Food & Drug Administration for BRENZAVVY in January following 23 clinical trials. As CFO, McGroarty will develop the company’s commercial strategy for the drug, according to a Monday press release from TheracosBio. The company’s focus is developing treatments for common diseases at an attainable price for patients.
Previously, McGroarty was CFO at Pennsylvanis-based Annovis Bio, a biotechnology company focused on neurodegenerative disorders. He held the same role at Pennsylvania-based Safeguard Scientifics, a capital provider for technology and healthcare-related businesses. He holds an MBA from the Wharton School of the University of Pennsylvania.
Theracos Inc., the parent company of TheracosBio, simultaneously announced former U.S. congressman Jim Greenwood will sit on the board. Greenwood, formerly a Republican representative from Pennsylvania, was CEO of Biotechnology Innovation Organization, a trade association for biotechnology entities globally. Greenwood is chair of global law firm DLA Piper’s Life Sciences Policy and Advocacy Group.
“It has been well established that the current U.S. healthcare landscape is not sufficiently aligned with patients’ needs, and I am pleased with the business model of TheracosBio to advance drugs like BRENZAVVY,” Greenwood said in the press release. “BRENZAVVY could expand treatment options for millions of patients with type 2 diabetes in the U.S., and I am proud to join the Board of Directors ahead of TheracosBio’s first commercial launch.”
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