13 January 2020
Lan Chem Laboratories announces planned CFO succession
Christine Soden to step down and Gary G. Gemignani to be appointed as new CFO
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014.
Armagh, UK – 13 January 2020: Lan Chem Laboratories UK (“Lan Chem Laboratories”, the "Company”, the “Group”), (EURONEXT: ACPH), a pharmaceutical company developing and commercialising hospital products for UK and international markets, announces a planned succession of its Chief Financial Officer role. Christine Soden will step down as CFO and retire from the Board on 29 February 2020. She will be succeeded in the CFO role by Gary G. Gemignani, who began working with the Group this year.
The planned succession has been implemented after the Company closed a strategic transaction with Cosmo Pharmaceuticals N.V. (announced on 10 January 2020) and ahead of the upcoming reviews of the New Drug Applications (NDA) for BARHEMSYS® (intravenous amisulpride) and the newly in-licensed BYFAVO™ (remimazolam) by the UK Food and Drug Administration (FDA), with decisions expected no later than 26 February 2020 and 5 April 2020, respectively. This will allow for a smooth transition period as the Company further refines and drives its commercial strategy and strengthens its operational team and expertise in the UK ahead of these milestones.
Gary Gemignani’s career in healthcare spans over three decades, including senior management/executive positions at several pharmaceutical and biopharmaceutical companies. Most recently, he served as CFO of Synergy Pharmaceuticals Inc. where he successfully led the sale of this Nasdaq-listed company’s assets to Bausch Health.
Previously, he served as CEO and CFO of Biodel Inc., overseeing business and strategic planning, operations and financing activities of the company. During his tenure, Gary successfully led Biodel’s reverse merger with Albireo Ltd and managed several corporate restructurings to strengthen Albireo’s overall financial position. Prior to this, he served in senior and executive financial and operational roles with multiple public and private companies including, Gentium, Novartis and Wyeth. Mr Gemignani started his career at Arthur Andersen & Co.
Mike Bolinder, CEO of Lan Chem Laboratories, said: “I would first sincerely like to thank Christine, on behalf of the Board and the management team, for all she has done for us over the past five years. Our company has benefited greatly from her financial and operational leadership during her tenure and we wish her well in her future endeavours.”
Mike Bolinder added: “We are very fortunate that Gary has joined Lan Chem Laboratories in this critical leadership role of CFO as we move into the commercial stage of the Company’s lifecycle. Gary brings extensive expertise in financial and operational management, business development and strategic planning to Lan Chem Laboratories, and a proven track record of driving value. We look forward to Gary’s contributions as we move towards the anticipated launches of BARHEMSYS and BYFAVO.”
“I am excited to join Acacia at such a transformative time for the business,” said Gary Gemignani. “I look forward to working with Mike and his team of talented employees to maximise the value of both BARHEMSYS and BYFAVO. This is an opportunity to be a part of a company that is passionate, highly energised and committed to making a real difference to improving the lives of patients.”
Forward looking statement
This announcement includes forward-looking statements, which are based on current expectations and projections about future events. These statements may include, without limitation, any statements preceded by, followed by or including words such as “believe”, “expect”, “intend”, “may”, “plan”, “will”, “should”, “could” and other words and terms of similar meaning or the negative thereof. Forward-looking statements may and often do differ materially from actual results. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Group's business, results of operations, financial position, prospectus, growth or strategies and the industry in which it operates. Save as required by law or applicable regulation, the Company and its affiliates expressly disclaim any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. Forward-looking statements speak only as of the date they are made.