Medipharm Labs Appoints Former Purdue Pharma Exec As CEO

Medipharm Labs (TSX: LABS) continues to suffer from management turnover. The company today announced that its CEO, Bryan Howcroft, will be stepping down for personal reasons effective immediately. Howcroft was in the role for just six months.

Taking Howcroft’s place within the company is that of David Piddick, whom Medipharm lists as previously serving as a president and CEO of a “Canadian pharmaceutical company.” That pharma company is believed to be Purdue Pharma Canada, whom notably faced numerous lawsuits related to the opioid pandemic which ultimately lead to a bankruptcy filing in the US. Piddick will also serve on the firms board of directors.

Piddick reportedly has over two decades worth of senior leadership experience within the healthcare industry. He currently holds a MBA from Northwestern University.

“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,” commented Piddick on his appointment.

As part of Piddick’s compensation package, he was issued 14.8 million RSU’s in connection with his appointment, as well as 5.2 million stock options.

Howcroft meanwhile has exited his role from the firm entirely, announcing this morning he will also be vacating his position on the firms board.

Medipharm Labs last traded at $0.145 on the TSX.

Information for this briefing was found via Sedar and MediPharm Labs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.