- 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".
CFO Transition
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.
More about Mr. Tougas
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.
About Valeo Pharma Inc.
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.
Forward Looking
Statements
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.