VALEO PHARMA ANNOUNCES ORGANIZATIONAL CHANGES AND COST REDUCTION INITIATIVES
- Costs reduction initiatives and organizational realignment expected to generate annual savings exceeding $2 million.
MONTREAL, Nov. 20, 2023 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today announced that it has undertaken a series of initiatives to reduce operating costs and drive operational efficiency as it moves toward profitability.
Valeo expects to decrease its operating expenses by more than $2.0 million, on an annualized basis, through reorganizing and streamlining its organizational structure and commercial support activities.
"Valeo has made significant investments over the last years to build an innovative product portfolio and a commercial infrastructure that has positioned the Company for industry leading growth", said Steve Saviuk, CEO. "First and foremost, Valeo has and always will have, a strong commercial focus and commitment to bring the best innovative healthcare solutions to Canadians. Realigning our organizational structure will provide cost savings while allowing for better and more timely, actionable, decision making to ensure we maximize our commercial activities and attain sustainable profitability".
The Company announces the appointment of Mr. Pascal Tougas to the position of Chief Financial Officer, effective November 20, 2023. Joining the Valeo leadership team, Mr. Tougas will succeed Luc Mainville, who is leaving the Company after 5 years to pursue other ventures.
"I'm pleased to welcome Pascal as our new CFO. He has extensive experience in the pharmaceutical industry having held several senior financial and operational roles. His background will be highly beneficial as we work to improve our operational excellence and streamline our activities.", said Steve Saviuk, CEO. "I look forward to having him on our team as we continue to build Valeo into a leading Canadian specialty pharmaceutical company".
"On behalf of the Valeo team and our Board of Directors I would like to thank Luc for his contribution over the last 5 years which saw Valeo grow and take its place among the leading Canadian pharmaceutical companies. We wish him all the best in his future endeavors", commented Steve Saviuk, CEO.
Pascal is a seasoned senior pharmaceutical executive with a strong finance profile. With a passion for driving value in organizations, Pascal has a track record of collaboration, forward strategic thinking, operational and financial business acumen, and execution.
Pascal spent 11 years at Sanofi Canada in roles of increasing responsibility where he served as Country Head, Trade and Revenue Management, Chief Financial Officer Canada interim and Director Controlling and Operations Canada amongst others. Pascal holds a bachelor's degree in business administration from the HEC Montreal and a CPA designation.
Valeo Pharma is a fast-growing Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory/Allergy, Ophthalmology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its growing product portfolio through all stages of commercialization. For more information, please visit www.valeopharma.com and follow us on LinkedIn and Twitter.
This press release contains forward-looking statements about Valeo's objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations about the markets we operate in and on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate.
SOURCE Valeo Pharma Inc.
Steve Saviuk, CEO, 514-693-8830, [email protected] or Frederic Dumais, Director, Communications and Investor Relations, 514-261-4735, [email protected]
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