BARRIE, Ontario, April 20, 2022 (GLOBE NEWSWIRE) -- 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.
For further information, please contact:
MediPharm Labs Investor Relations
Telephone: +1 416.913.7425 ext. 1525
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 https://link.edgepilot.com/s/85348a4c/aCl7p80Ovk2JO7n3C6WTKg?u=http://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.