BARRIE, ON, April 20, 2022 /PRNewswire/ - MediPharm Labs
Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) ("MediPharm Labs",
"MediPharm" or the "Company") a pharmaceutical company specializing
in precision-based cannabinoids, today announced that it has
appointed experienced Pharma and Med Tech executive David Pidduck as Chief Executive Officer and
Director of the Company. Mr. Pidduck replaces outgoing CEO and
Director Bryan Howcroft, who is
stepping down for personal reasons, effective today.
Mr. Pidduck brings more than 20 years of proven senior
leadership experience to MediPharm, including serving as President
and CEO of a Canadian pharmaceutical company, where he was also a
member of the board of directors. Over the course of his career,
Mr. Pidduck has been involved in the successful ground-up
commercialisation of several products in both Canadian and
international markets and brings a track record of both organic
execution as well as M&A and integration expertise to the
Company. Mr. Pidduck has an MBA from Kellogg (Northwestern University) and an Honours Bachelor of
Business Administration from Wilfrid Laurier
University.
Chris Taves, Chairman of the
Board commented, "We are very pleased to welcome
David Pidduck to MediPharm. The
Company continues to make progress building its sales pipeline both
in Canada and internationally,
driving toward consistent revenue growth and profitability. With a
strong background in business development, strategy, and M&A
within the Pharma and Med Tech sectors, David is the right
individual to lead the Company through this formative period. On
behalf of the Board, I would like to sincerely thank Bryan for his
contributions and wish him all the best."
David Pidduck, incoming
CEO added, "I have watched the development of the medical
cannabinoid industry over the past several years with great
interest from my vantage point within the Pharma sector. Though the
industry is still developing, cannabinoid research interest
continues to grow, and I believe we may be approaching an
inflection point where cannabinoids will become a larger focus for
traditional Pharma. Medical cannabinoid companies are not created
equal. In MediPharm, I see one of the very few organizations
globally that has the required sophistication to both operate
within a stringent Pharma environment, and scale rapidly to
capitalize on this growth opportunity. I look forward to
contributing my experience in business and corporate development to
the team's current efforts, with a focus on orienting the Company
toward both consistent organic growth and accretive M&A
activities to drive revenue growth, profitability and value for all
stakeholders."
Bryan Howcroft, outgoing
CEO added, "I would like to thank the MediPharm team, our
customers and shareholders for their openness and willingness to
share feedback since I assumed the CEO role in late 2021. As the
Company continues to execute in Canada and international markets, David's
experience building efficient, sales and growth-oriented teams in
the precise end-markets that MediPharm is targeting, will be
critical to the Company's success. It has been a pleasure to serve
as the Company's CEO and I look forward to watching MediPharm's
progress over the coming years."
In connection with his appointment as CEO, Mr. Pidduck was
awarded an aggregate of 14,758,621 RSUs and granted an
aggregate of 5,184,280 stock options with an exercise price of
$0.145 and a five-year term. The
RSUs and options vest in equal instalments over the next
twenty-four months. The grants are subject to any necessary
regulatory approvals and a portion of the grants may be
subject to shareholder approval at the Company's annual meeting of
shareholders to be held on June 30,
2022.
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the development
and manufacture of purified, pharmaceutical-quality cannabis
concentrates, active pharmaceutical ingredients (API) and advanced
derivative products utilizing a Good Manufacturing Practices
certified facility with ISO standard-built clean rooms. MediPharm
Labs has invested in an expert, research driven team,
state-of-the-art technology, downstream purification methodologies
and purpose-built facilities with five primary extraction lines for
delivery of pure, trusted and precision-dosed cannabis products for
its customers. Through its wholesale and white label platforms,
MediPharm Labs formulates, develops (including through sensory
testing), processes, packages and distributes cannabis extracts and
advanced cannabinoid-based products to domestic and international
markets.
In 2021, MediPharm Labs received a Pharmaceutical Drug
Establishment License from Health Canada, becoming the only company
in North America to hold a
domestic Good Manufacturing License for the extraction of natural
cannabinoids.
Cautionary Note Regarding Forward-Looking
Information:
This news release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as "expects", or "does not expect", "is
expected", "anticipates" or "does not anticipate", "plans",
"budget", "scheduled", "forecasts", "estimates", "believes" or
"intends" or variations of such words and phrases or stating that
certain actions, events or results "may" or "could", "would",
"might" or "will" be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements relate
to, among other things, statements regarding: building a sales
pipeline both in Canada and
internationally; driving toward consistent revenue growth and
profitability; scaling rapidly to capitalize on this growth
opportunities; consistent organic growth and accretive M&A to
drive revenue growth, profitability and value for all stakeholders;
increased sales; and delivering profitable growth in the future.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; the inability of MediPharm Labs to obtain
adequate financing; the delay or failure to receive regulatory
approvals; and other factors discussed in MediPharm Labs' filings,
available on the SEDAR website at www.sedar.com. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on the forward-looking statements and
information contained in this news release. Except as required by
law, MediPharm Labs assumes no obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change.
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SOURCE MediPharm Labs Corp.