MONTREAL, Aug. 6, 2024 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (OTCQB: VPHIF) (FSE: VP2) ("Valeo" or the "Company"), a Canadian pharmaceutical company, today announced that the Company's Chief Development Officer, Mr. Al Moghaddam, has been appointed to succeed retiring CEO Steve Saviuk.

Mr. Saviuk will remain on Valeo's Board of Directors and assume the role of Chairman.  Mr. Richard J. MacKay will step down from his role of Chairman of the Board and will remain a Board member.

"I am enthusiastic to take on the role of CEO of Valeo and lead a talented and dedicated team. Over the past nine months, the company has undergone a transformational restructuring to accelerate its progress towards profitability and continue its development as a leading Canadian pharmaceutical company", said Al Moghaddam, Valeo's new CEO. "We have a solid portfolio of innovative products with continued growth potential which we plan to expand upon as we seek to acquire/ in-license additional market ready products".

"We are very pleased with the appointment of Al as CEO. He has the entrepreneurial drive and extensive pharmaceutical background encompassing, commercial operations, strategy, business development and financing, necessary to complete Valeo's transformation", said Steve Saviuk.

"Valeo has grown considerably over the 5 years of my being Chairman. I have had the opportunity and pleasure to work with some talented people within the Company and on the Board and I look forward to continuing to provide guidance in my Board member role", said Richard J. MacKay, Board member of the Company.

More about Al Moghaddam

Mr. Moghaddam is a customer centric transformational life sciences leader with over 25 years of global experience. His work experience spans from large multinationals through to early-stage companies and he has held leadership positions within pharma, medical device, med-tech, and consumer markets. He is a strong visionary, process driven leader, able to craft a vision and motivate teams to achieve superior results and recognized by such companies as Allergan, Bristol Myers Squibb, Teva & Pharmascience for outstanding performance in creating value.

Al has cross functional experience in product life cycle management, sales, BD&L, market access, marketing, finance & M&A.

About Valeo Pharma Inc.

Valeo Pharma is a 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

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Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: reliance on third-party suppliers and manufacturers, the availability of additional funding, common risks for pharmaceutical products, including product liability claims, insurance and recalls, registration risks in certain jurisdictions, the inability to implement Valeo's strategy to grow the business, dependence on key management personnel and executives, competition, currency fluctuations and the risks, uncertainties and other factors contained in the section entitled "Risk Factors" in Valeo's annual information form dated January 29, 2024, a copy of which is available on Valeo's Sedar+ profile at www.sedarplus.ca.

Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect Valeo's business, or if Valeo's estimates or assumptions turn out to be inaccurate. Valeo undertakes no obligation to update publicly, or otherwise revise, any forward-looking statements, whether as a result of new information or future events or otherwise, except as may be required by law. If Valeo does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.