- Company to
Conduct First Quarter Earnings Call on May
10, 2017 in the Ordinary Course
OAKVILLE, ON, April 26, 2017 /CNW/ - Concordia International
Corp. ("Concordia" or the "Company") (TSX: CXR) (NASDAQ: CXRX), an
international specialty pharmaceutical company focused on generic
and legacy pharmaceutical products, today announced that
David Price has been appointed as
Chief Financial Officer (CFO) of the Company. Mr. Price succeeds
Edward Borkowski, who is departing
the Company to pursue other opportunities.
Mr. Price will begin his role on May 15,
2017, at which time he will report to Chief Executive
Officer (CEO) Allan Oberman. In the
interim, the Company's financial responsibilities will be overseen
and managed by Adeel Ahmad, CFO of
the International segment of Concordia, and Bryan Jacobs, corporate controller of Concordia.
The timing of this announcement is unrelated to Concordia's first
quarter 2017 financial results or earnings process. The Company
intends to conduct its first quarter earnings call on May 10, 2017 in the ordinary course.
Mr. Price brings over 25 years of experience in the healthcare,
investment banking and accounting industries. Most recently, he
served as CFO of Bioventus Inc., a private equity-backed global
provider of medical devices in the orthobiologics field. In this
role, Mr. Price oversaw global finance and information technology
(IT) functions, refinanced the company's debt to implement a
successful M&A strategy, and played a key role in building and
overseeing optimization and efficiency practices for Bioventus
around the globe.
Prior to his role at Bioventus, Mr. Price held CFO positions at
two other companies. As the CFO, chief operating officer and
corporate treasurer at EDGAR Online Inc. – a financial data,
technology and business process outsourcing (BPO) company – Mr.
Price was responsible for all financial strategy and reporting,
investor relations, corporate development, human resources and BPO
operations in the US, Europe and
India. Prior to EDGAR Online, Mr.
Price was the CFO and corporate treasurer for Cornerstone
Therapeutics, Inc., a publicly traded specialty pharmaceutical
company.
Mr. Price had previously served as managing director in the
healthcare and pharmaceutical services sector at two investment
banking firms – Jefferies & Company in New York, and Bear Stearns & Co. in
London and New York – and worked at
PricewaterhouseCoopers Consulting and Arthur Andersen. He holds an
honors degree in Accounting and Financial Management from
Lancaster University in the UK and
is a member of the Institute of Chartered Accountants in
England and Wales.
"We are pleased to welcome David to our organization as CFO,"
said Allan Oberman, CEO of
Concordia. "We believe that David's wealth of experience managing
global teams coupled with his broad expertise in financial
management, business process improvement and operational excellence
will be invaluable to Concordia as we work towards our goal of
stabilizing the business and developing Concordia's future growth
strategy. David brings industry expertise and a unique perspective
that we believe will enable us to execute against the five key
business priorities we outlined in March, and contribute to the
development of our long-term growth strategy. On behalf of everyone
at Concordia, I would like to extend our gratitude to Ed for his
service to Concordia and wish him the best in his future
endeavors."
Mr. Price commented, "I am excited to join Concordia at this
important time in the organization's transformation. Concordia has
an impressive global commercial platform and a wealth of assets in
the market. I look forward to leading the Company's finance team
with an emphasis on financial discipline and operational
excellence."
About Concordia
Concordia is a diverse, international specialty pharmaceutical
company focused on generic and legacy pharmaceutical products. The
Company has an international footprint with sales in more than 90
countries, and has a diversified portfolio of more than 200
established, off-patent products. Concordia also markets Photofrin®
for the treatment of certain rare forms of cancer.
Concordia operates out of facilities in Oakville, Ontario and, through its
subsidiaries, operates out of facilities in Bridgetown, Barbados; London, England and Mumbai, India.
Notice regarding forward-looking statements:
This press release includes forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of Canadian securities laws, regarding Concordia and its
business, which may include, but are not limited to, statements
with respect to the release date of Concordia's financial results,
oversight and management of Concordia's financial responsibilities
during the interim period, Concordia's commercial platform, the
wealth of Concordia's assets, Concordia's transformation as an
organization, Mr. David Price's
experience, Mr. Price's ability to lead Concordia's finance team,
Mr. Price's ability to lead Concordia towards business
stabilization and/or to execute Concordia's business priorities
and/or define Concordia's long-term growth strategy, Mr. Price's
ability to implement an emphasis on financial diligence and
discipline, Concordia's 2017 objectives and priorities, the
development of a long term growth strategy (and the timing
thereof), the stabilization of Concordia's business, the ability of
Concordia to execute and deliver on business plans and growth
strategies, optimism about Concordia's future, the stability of
Concordia's business (including, without limitation, with respect
to its business in certain jurisdictions), the diversification of
the Company's geographic and therapeutic platform, product lines
and/or sales channels and the future growth of the Company
(including, without limitation, the Company's expansion globally).
Often, but not always, forward-looking statements and
forward-looking information can be identified by the use of words
such as "plans", "is expected", "expects", "scheduled", "intends",
"contemplates", "anticipates", "believes", "proposes" or variations
(including negative and grammatical variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Such statements are based on the current expectations of
Concordia's management, and are based on assumptions and subject to
risks and uncertainties. Although Concordia's management believes
that the assumptions underlying these statements are reasonable,
they may prove to be incorrect. The forward-looking events and
circumstances discussed in this press release may not occur by
certain specified dates or at all and could differ materially as a
result of known and unknown risk factors and uncertainties
affecting Concordia, including risks associated with a delay in
releasing Concordia's financial statements (which could result in a
default under Concordia's debt agreements and a violation of
applicable laws), the inability of the interim management team to
oversee and manage Concordia's financial responsibilities during
the interim period, Concordia's inability to transform its
business, Concordia's inability to stabilize its business,
Concordia's inability to develop a long term strategic plan or
being delayed in developing such plan, the inability of Mr. Price
to lead Concordia's finance team, stabilize Concordia's business,
define Concordia's long-term growth strategy and/or execute on
Concordia's business priorities, Mr. Price's inability to implement
an emphasis on financial diligence and discipline, cash on hand and
cash flows from operations being insufficient to meet Concordia's
liquidity needs, which could result in Concordia having to
refinance or restructure its debt, sell assets or seek to raise
additional capital, which may be at less favourable terms, the
inability to implement Concordia's objectives and priorities for
2017, which could result in financial strain on the Company and
continued pressure on the Company's business, Concordia's
securities, risks associated with developing new product
indications, increased indebtedness and leverage, the inability to
generate cash flows, revenues and/or stable margins, the inability
to grow organically, the inability to repay debt and/or satisfy
future obligations (including, without limitation, earn out
obligations), risks associated with Concordia's outstanding debt,
risks associated with the geographic markets in which Concordia
operates and/or distributes its products, risks associated with
fluctuations in exchange rates (including, without limitation,
fluctuations in currencies), risks associated with the use of
Concordia's products to treat certain diseases, the pharmaceutical
industry and the regulation thereof, the failure to comply with
applicable laws, risks relating to distribution arrangements,
possible failure to realize the anticipated benefits of
acquisitions and/or product launches, risks associated with the
integration of assets and businesses into Concordia's business, the
inability to launch products, the fact that historical and
projected financial information may not be representative of
Concordia's future results, the failure to obtain regulatory
approvals, economic factors, market conditions, acquisition
opportunities, risks associated with the acquisition and/or launch
of pharmaceutical products, risks relating to clinical trials
and/or patient enrollment into clinical trials, the equity and debt
markets generally, risks associated with growth and competition
(including, without limitation, with respect to Concordia's niche,
hard-to-make products and Concordia's key products in its
International and North America
segments), general economic and stock market conditions, risks
associated with the United
Kingdom's exit from the European Union (including, without
limitation, risks associated with regulatory changes in the
pharmaceutical industry, changes in cross-border tariff and cost
structures and the loss of access to the European Union global
trade markets), risks associated with regulatory investigations
(including investigations by competition authorities with respect
to the Company's operations), risks related to the introduction of
new legislation, or amendments to existing legislation, in the
jurisdictions in which Concordia carries on business, risks related
to patent infringement actions, the loss of intellectual property
rights, risks associated with class action litigation, risks
associated with Concordia's inability to defend itself in certain
legal actions or being found to have violated certain laws
(including, without limitation, the regulatory investigations and
class actions which Concordia is currently subject to), which may
require Concordia to make certain payments in respect of such legal
matters or which may result in certain fines being levied against
Concordia, risks and uncertainties detailed from time to time in
Concordia's filings with the Securities and Exchange Commission and
the Canadian Securities Administrators and many other factors
beyond the control of Concordia. Although Concordia has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements and forward-looking information, there
may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended. No
forward-looking statement or forward-looking information can be
guaranteed. Except as required by applicable securities laws,
forward-looking statements and forward-looking information speak
only as of the date on which they are made and Concordia undertakes
no obligation to publicly update or revise any forward-looking
statement or forward-looking information, whether as a result of
new information, future events, or otherwise.
SOURCE Concordia International Corp.