Voyageur Pharmaceuticals said it is adding experienced finance and accounting professional Kevin McBeth to its board following the retirement of board member Ron Sifton after a term of three and a half years.
Voyageur said that McBeth will join the board and will also take on the role of chair of the Audit Committee as well as be a member of the Compensation Committee.
As a Certified Public Accountant and Chartered Accountant, Voyageur said McBeth brings an in-depth understanding of financial management, reporting, and compliance to the company.
He has also achieved the prestigious ICD.D (Institute of Corporate Directors) designation, the company highlighted.
“With this certification, Kevin is excellently equipped to contribute to the effective governance and long-term prosperity of Voyageur,” the company said in a statement.
Meanwhile, Voyageur announced that it has filed its interim financial statements for the quarter ended May 31, 2023.
As a development-stage pharmaceutical company, the company is yet to achieve profitable operations, management noted in its discussion and analysis of its results.
It reported a loss of $621,489 for the quarter, compared to a loss of $476,512 in the year-ago quarter.
In the quarter ended May 31, 2023, funds were expensed on market development activities, pursuing Food and Drug Administration (FDA) applications and planning for the Canadian product launch, the company noted.
Voyageur exited the quarter with cash and cash equivalents amounting to $124,103.
Shares of the company rose 8.3% following these updates to C$0.07 in the early afternoon on Tuesday.
Voyageur Pharmaceuticals is focused on the development of barium and iodine Active Pharmaceutical Ingredients (API) and high-performance cost-effective imaging contrast agents for the medical imaging marketplace.
- Updated with share price movement -
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