Valeo Pharma Inc. (TSX:VPH, OTCQB:VPHIF) told investors it expects to cut its operating expenses by more than $2 million a year by streamlining its organizational structure and commercial support activities.
The series of initiatives are aimed at driving operational efficiency as it moves towards profitability, the company said in a statement.
"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.
"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.”
Valeo also announced it has appointed Pascal Tougas as its new chief financial officer effective from November 20, 2023, replacing Luc Mainville, who is leaving after five years with the company to pursue other ventures.
It noted that Tougas is a seasoned senior pharmaceutical executive with a strong finance profile and a track record of collaboration, forward strategic thinking, operational and financial business acumen, and execution.
He held several positions at Sanofi Canada over 11 years, including country head, trade and revenue management, and CFO Canada interim, amongst others.
“He has extensive experience in the pharmaceutical industry having held several senior financial and operational roles,” Saviuk added.
“His background will be highly beneficial as we work to improve our operational excellence and streamline our activities."
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.
Contact the author at stephen.gunnion@proactiveinvestors.com