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Feature article November 27, 2020:


Valeo Pharma Inc. Big Pharma Capabilities Presents Opportunity


Valeo Pharma is a Canadian specialty pharmaceutical company with big pharma capabilities while retaining small company flexibilities. Valeo is a fast-growing revenue generating company with a strong product portfolio and a robust product pipeline.



 Valeo Pharma Inc.

  (Canadian Securities Exchange: VPH)

  (Frankfurt: VP2)


Share data, Capitalization, & Corporate info

 Shares Outstanding:  62.45 million

 (includes recently closed brokered financing)

 Recently Traded: ~CDN$0.1.17/share (CSE: VPH)

 52 Week High/Low: CDN$0.24 / $1.86

 Current Market Capitalization: ~CDN$73 million

 Corporate Website: www.valeopharma.com


"Looking at price-to-sales ratio metrics relative to the coming pipeline, shares of VPH are expected to experience solid price appreciation as revenue projections come to fruition, and certainly higher as news develops regarding additions to the pipeline. A near-term $3 to $5/share price target for shares of C.VPH is warranted based on a discounted forward projected earnings basis, on its way much higher thereafter. This is based on what is already on tap now, any new product announcements and this near-term target could easily be revised upward quickly. A mid-term price target of $15 to $20/share appears realistic and supported by reasoning from existing shareholders in-the-know (click here & here for insight)."

- Market Equities Research Group

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View recent (July 29, 2020) Corporate presentation by Valeo's CEO followed by Q & A:

[running time 1 hr. 18 min.]


Industrial Alliance Securities Inc. has initiated coverage on Valeo Pharma Inc. with a Buy recommendation and $2.30 target price.

The full institutional coverage analyst report is available at https://sectornewswire.com/IASecurities-Report-Valeo-Pharma-VPH-Sept14-2020.pdf online.


Excerpt from the September 14, 2020 analyst report:


Specialty Pharma bringing innovative products to Canada. Valeo is a specialty pharmaceutical sales company whose strategy is to acquire the exclusive Canadian distribution rights to regulatory approved or latedevelopment stage products either via acquisitions, long-term in-licensing, or distribution agreements with pharmaceutical companies that do not have a presence in Canada. Valeo has a proven track record of partnering with pharmaceutical companies and commercializing their products for the Canadian market by providing all the services required for registration and commercialization in Canada.

Growing portfolio. Valeo’s growing portfolio of products includes seven currently marketed products, two additional products to be launched in the upcoming months, and three more over the next 12 months. Two of these products (Redesca® and HesperCo™) represent game-changing opportunities.

Focus on therapeutic areas with specialized expertise. Valeo’s strategy is to focus on three therapeutic areas: neurology, oncology, and generic hospital products. Valeo chooses to concentrate on these fields as there are a relatively small number of specialists, which enables the Company to utilize a smaller salesforce on a concentrated customer base in order to efficiently capture market share.

Proven track record of bringing valuable products to Canada. From F2003 to F2014, Valeo focused on dermatology and hospital products before it sold its product portfolio to Valeant Canada L.P. (Private) in F2014. Valeo leverages its strong partnerships created over the past seventeen years to focus on building its portfolio to meet the needs of specialists within its three targeted therapeutic areas. The Company searches for products with potential Canadian revenues between $5-20M, which is generally below the threshold of interest for large multinational companies to pursue directly.

Valuation & Bottom Line
We are initiating coverage on VPH with a target price of $2.30 and a Buy rating. VPH’s growing portfolio of eight marketed products, with an additional five in the pipeline, represents good upside in the short to medium term. Valeo identifies products that are currently marketable or are late-stage development products in order to mitigate any clinical, regulatory, and commercial (i.e., binary event) risks. We value Valeo using a sum-of-the-parts (SOTP) valuation to assess each product on its individual timeline to commercial success and use the average of a DCF and EV/EBITDA valuation to arrive at our $2.30/share target price. We are initiating coverage on Valeo with a Buy recommendation.

-- click here for full copy from source [PDF]

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Technology MarketWatch Journal review of Valeo Pharma Inc.:


Valeo Pharma Inc. (CSE: VPH) (OTCQB: VPHIF) (Frankfurt: VP2) is a fully integrated specialty pharmaceutical company focused on in-licensing prescription drugs for the Canadian market. The Company acquires the Canadian rights from international drug manufacturers wanting access to the Canadian markets without the hassle. Valeo is not a developer of drugs (thus no big R&D expenditure and risk), it does everything that a big pharmaceutical company does after it develops a drug, to make it a commercial success. Valeo maintains, in-house, all the necessary capabilities and infrastructure to register and manage a drug through all stages of commercialization. Valeo focuses its efforts on commercial stage, innovative and proprietary drugs targeting three therapeutic areas; 1) Neurodegenerative diseases, 2) Oncology, and 3) Hospital Specialty Products. Valeo targets areas where it can be highly impactful marketing-wise with a limited/streamlined sales team (e.g. of the ~900 neurologists in Canada, less than 10% are the key initiators of initial prescriptions). The Company has recently added proprietary branded-products with significant growth potential that are expected to dramatically increase revenues. Its pipeline over the coming months and years should see additional robust growth as the Company's goal of becoming a dominant player in its targeted therapeutic fields is increasingly realized.


Shares of Valeo Pharma Inc. trade on the Canadian Securities Exchange under the symbol VPH (began trading in February 2019), and as of September 23, 2020 also on the U.S. OTCQB under the symbol VPHIF. Looking at price-to-sales ratio metrics relative to the coming pipeline, shares of VPH are expected to experience solid price appreciation as revenue projections come to fruition, and certainly higher as news develops regarding additions to the pipeline.


Valeo is now achieving breakeven as of Q4-2020, and accelerating revenue-wise from there; revenues are projected to go from ~$10M in 2020 to near $90M within a couple years based on the existing and fast growing product pipeline with the help of two recent product additions; 1) ONSTRYV®, the 1st Parkinson's Disease treatment launched in Canada since 2006 (now approved in Canada, marketing underway with access incrementally coming online), and 2) REDESCA®, a low molecular weight heparin biosimilar used to prevent deep vein thrombosis and pulmonary embolism (scheduled for approval in Canada in Fall 2020, with marketing beginning in early 2021).


VPH is in the process of closing on a C$6M capital raise, a bought deal agreement with a syndicate of underwriters, characterized with strong institutional involvement. The proceeds will be used for both working capital and growth as needed. Funding will be primarily used for growth capital needs; e.g. inventory growth, product acquisition growth, and licensing growth purposes. Valeo is in the process of maturing into a more mainstream pharmaceutical growth investment vehicle. The company is stronger financially now, has repeatedly demonstrated the ability to execute on a plan, has proven access to capital, and in turn is increasingly more attractive to licensing partners and prospects -- the scenario is self-reinforcing and is apt to lead to additional continued, steady, new, and quality product pipeline business development. A number of institutional funds have recently indicated an interest in getting involved with Valeo.

Valeo's business development team is highly active, continually vetting new opportunities. Over the last 5 years, the team has looked at over 300 drugs. Currently, Valeo has 14 products in its pipeline that are all signed, and is in the process of negotiating several others.


Growing Portfolio of Products

 Valeo currently markets Several products including:


Onstryv®: - Launched July 2019, estimated peak sales of $8M - $12M/annum.

Ondansetron ODT: - Q4-2010 launch, estimated peak sales of $2M - $3M/annum.

M-Eslon®: - Estimated peak sales of $7M - $8M/annum.

AmetopTM: - Q3-2020 launch, estimated peak sales of $1M - $2M/annum.

Yondelis®: - Q4-2020 launch, estimated peak sales of $2M - $4M/annum.

Sodium Ethacrynate (CDN): - Q4-2020 launch, estimated peak sales of $1M - $2M/annum.

Bioflavenoid: - Q3-2020 launch, estimated peak sales of $???M/annum (over-the-counter & online now taking orders and shipping).

Sodium Ethacrynate (USA): - Q4-2020 launch, estimated peak sales of $1M - $2M/annum.


Valeo expects more product launches in the coming quarters:

Redesca®: - Q1-2021 launch, estimated peak sales of $30M - $40M/annum.

- among others (e.g. AMIKACIN).


Note: Valeo Pharma is the subject of a Market Equities Research Group Market Bulletin Advisory regarding its new HesperCoTM bioflavenoid expected to launch soon, click here for full copy of the advisory entitled "Valeo Pharma Inc. Approved for Sale of HesperCo™, Immune System Support Scientifically Demonstrated".


Revenue Forecast - Based on existing pipeline (excluding HesperCoTM)



Figure 1. (above) - Revenue forecast from existing pipeline (sourced from recent Company presentation). Even thru the recent COVID-19 pandemic we expect Valeo's sales to continue rising, and manufacturers of its products to remain in production -- Valeo has extended lead times, and the sales teams are looking forward to getting back to more traditional physician interactions. The projections seen above are presented with strong confidence; since Valeo does not have R&D (as it's m.o. is to source existing drugs developed and approved outside of Canada), it substitutes R&D for enhanced BD (Business Development), scientific research, and financial modeling to ensure its has a proper fit for access and success in the Canadian marketplace well before a deal is inked.  The clear objective is to become a $100M+ company based just upon what products Valeo already has now and in-licensing activities anticipated within the next 3 - 4 years. There are other opportunities, such as product acquisitions, that are not yet factored-in that can get Valeo there quicker and get it higher in terms of revenues. There are a lot of initiatives already underway that should make for some really good catalysts and milestones leading to stock appreciation.


On September 29, 2020 Valeo announced its third quarter results, reporting highly favorable numbers, affirming the projected trend of increasing revenues, gross margin. The Company is projected to achieve EBITDA profitability in 2020, and grow in profitability significantly thereafter.


Valeo is "the Little Big Pharma"; All the big pharma capabilities, with all the small company flexibilities.

  • Experienced management with value creation track record.

  • One of the few fully integrated specialty pharma companies.

  • National sales force covering all key prescribing MDs.

  • Derisked growth: Commercial stage products, no R&D risks.

  • Significant insider ownership means full alignment with shareholders.

  • Product Mix of BASE (non-branded products, recurring revenues) and GROWTH products (proprietary branded products with growth potential in Neurology/CNS, Oncology, Hospital Specialty).

Valeo does not take development risk, it focuses on drugs that are either approved in some jurisdictions (USA and / or EU) or have very strong clinical data that are about to be approved in these jurisdictions. Today you see Valeo Pharma Inc. much more robust in terms of product pipeline than a year ago, even 6 months ago, and if you compare again in another 6 months, Valeo will have advanced again. Valeo has an efficient internal business development team with an eye for picking the right product at the right time. The head of business development is Jeff Skinner, based in Toronto, and there is support in Montreal which comes from a team of scientific and financial analysts. Once a drug candidate is identified, the team finds out everything it can about that drug and the competition; e.g. what is filed, what is registered with the regulatory authorities (FDA, EMA, Health Canada) for clinical trials, if there any other drugs that are two or three years out, etc... all information is compiled along with a financial model to determine if Valeo can make money (ROI) selling that drug. In Canada the price of drugs are negotiated with the provincial bodies and they effectively determine what price Valeo can sell at. The modeling Valeo does is augmented with outside market access specialists and involves determining what price they believe the provincial bodies will accept, and based on that price Valeo must determine if there is any money in it given the expenses it will need to incur to in-license that drug.


As of May-2020 Valeo Pharma Inc. has 32 employees. The Company covers all aspects that a drug manufacturer is looking for in an effective pharmaceutical company to in-license within Canada; Valeo prepares all the technical binders, electronic filings, and correspondences for registration, facilitates regulatory efficacy and safety testing, negotiating access and approval for provincial government(s) reimbursement, warehousing, monitoring of reportable events, sales, and marketing to physicians.


On the sales front Valeo maintains a core team across Canada, along with a medical sales liaison. Valeo focuses on products that can be marketed to a small group of physicians and/or buyers for maximum impact. A good example of this is its Onstryv® Parkinson's Disease medication; there are only ~900 neurologists in Canada, of which ~225 specialize in Parkinson's, and with only 75 key opinion leaders responsible for initiating greater than 50% of prescriptions. The key is the initiating, because once a prescription has been 'initiated' by a specialist, the G.P. generally continues to renew the prescription afterwards. The marketing and sales team develops strong relationships with key opinion leaders and senior physicians in specific targeted therapeutic area.


Valeo's Canadian in-licensing abilities are increasingly getting noticed. Valeo's business development activities scour basically Europe, US, and Asia looking for new chemical entities or drugs that fit within its business model, often targeting the smaller and mid-size drug developers globally. There is a lot of research going on globally by smaller developers in areas that do not meet the multi-billion+ dollar financial criteria of major Pharmaceutical companies. Again, looking at ONSTRYV® for example, the overall Parkinson's Disease market in Canada is growing, its currently ~$100M, and there has been no new drug in recent times. In-fact, Valeo's ONSTRYV® is the first oral application in 14 years launched in Canada. The Valeo Business Development team vets a lot of drugs, few make the cut, either they are not a good fit, or the financial threshold does not make sense. Once Valeo zeros-in and identifies a prospect worth perusing, it has a very good chance of landing it in the end as Valeo is nimble, has a proven track record, and has all the infrastructure and elements necessary for the success of everyone involved.


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History of Valeo Pharma Inc.


2003 - 2014: Valeo Pharma Inc. 1.0

  • Founded in 2003. Focused on dermatology and hospital products.

  • Sold entire product portfolio to Valeant in 2014 for $26 million, a 350% return to shareholders.

2015 - 2018: Valeo Pharma Inc. 2.0

  • Focused on three therapeutic areas: neurology/CNS, oncology and hospital specialty products.

2019 - 2020:

  • Listed on Canadian Securities Exchange (February 2019).

  • Launched ONSTRYV® for Parkinson’s Disease (July 2019). National sales force in place. Received positive recommendation for public reimbursement in Quebec.

  • $5.5 million total financings secured.

  • Revenues grew to $6.6M in 2019 from $4.4M in 2018, a 50% increase.

  • Licensed REDESCA®, a low molecular weight heparin biosimilar used to prevent deep vein thrombosis and pulmonary embolism.

  • Licensed YONDELIS® from PharmaMar for soft tissue sarcoma.

  • Licensed AMETOP™ from Alliance Pharma, hospital anaesthetic.

Note: Valeo Pharma Inc. 2.0 is majority owned by strong hands looking to dwarf the success of Valeo Pharma Inc. 1.0: Valeo Pharma Inc. was essentially rebooted as a new entity in 2015 after its original portfolio was sold to Valeant for C$26 million, representing a 350% return to shareholders, a ROR ROI based on the present value of shareholders investments over a period of years that works out to an after tax return in the high-30% range on an annualized basis. Some refer to Valeo Pharma Inc. 1.0 as the Company pre-2015, and Valeo Pharma Inc. 2.0 thereafter which has the same management leadership groupteam leadership. Valeo Pharma's CEO, Steve Saviuk, originally cofounded the Company with a couple of passive (retired) ex-pharma professionals. The same marketing, sales, regulatory, and commercial team that built Valeo Pharma Inc. 1.0 is the same team that is involved now. After the product line sale in 2014 to Valeant, a few of the older shareholders cashed out, and the Company brought in some new shareholders from the management team. As a result, the management, insiders, and directors own ~75% of the company currently, making them perfectly aligned with all other shareholders.


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The Two Business Sides of Valeo Pharma Inc. -- 1) The BASE & 2) The GROWTH


1) The BASE is characterized by non-branded products generating recurring revenues. Valeo Pharma has within its family a division that handles generic products, mostly all dedicated to hospitals, primarily injectable products. This division is almost a continuation of what the Company did under Valeo Pharma 1.0, before it sold its product line to Valeant. In 1.0 Valeo Pharma had some of these products, the Company knows how to do it, and it fits in with its business model, because in hospital environments the more products you have the more visibility you have. So having these smaller niche products keeps the Valeo name in front of the group purchasing agents. The BASE products require relatively low sales and marketing spending. This division will continue to grow, the Company plans to add two to three products a year. These are products that can do ~$500,000 to $2M - $3M each.

  • Does not require “boots on the ground” sales force.

  • Very limited spending to generate steady & recurring cash flows.

  • Provides downside protection and risk mitigation.

Figure 2. (above) The BASE product line.


2) The GROWTH are proprietary branded products with significant growth potential in: Neurology/CNS, Oncology, and Hospital Specialty. The growth is where the blue sky potential is.

  • Targeting innovative products with $5M to $40M peak sales.

  • In licensing products that are at commercial stage.

  • Greater sales potential & higher margins.

Figure 3. (above) The GROWTH product line.


Synopsis of key near-term GROWTH product revenue drivers

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GROWTH: ONSTRYV®, Launched July 10, 2019

  • New oral treatment for Parkinson’s Disease ("PD").

  • 1st PD launched in Canada since 2006.

  • 2nd Most common chronic neurodegenerative disorder after Alzheimer.

  • 100,000 Canadians diagnosed with PD (160,000 patients estimated for 2031).

  • ONSTRYV® has been approved and launched in the EU and USA.

  • Supported by Valeo’s National Sales Force.

  • Received positive recommendation for public reimbursement in Quebec.

  • 35 Movement Disorder Clinics, including 70 Key Opinion Leaders (KOLs) responsible for 75 % of scripts.

  • Peak sales estimate $8M - $12M/annum, sales margin 65% - 70%.

ONSTRYV® sales should really start kicking in the second half of 2020. We note Quebec has already agreed to reimbursement of the drug.


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GROWTH: AMETOP™, Launched Q3-2020

  • Approved by Health Canada (DIN Transfer).

  • Anesthesia of the skin prior to venepuncture or venous cannulation.

  • Valeo direct sales force, leverages our expanding hospital portfolio.

  • Peak sales estimate $1M - $2M, sales margin 50+%.

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  • Approved by Health Canada (DIN Transfer).

  • Soft tissue sarcoma (STS).

  • Total addressable patient base < 500 annually.

  • Limited physical call points, 20 30 specialized oncologists.

  • Valeo direct sales force.

  • Peak sales estimate $2M - $4M/annum, sales margin 55%.

On August 12, 2020 Valeo announced "Valeo Pharma Commences Yondelis® Commercialization in Canada". Valeo received its Notice of Compliance from Health Canada authorizing the transfer of the commercial rights of Yondelis® from the Spanish manufacturer PharmaMar S.A. to Valeo. We note the developer/manufacturer PharmaMar only deals in Oncology, and it could have gone with another Canadian agent but it has known Valeo now for 5 years on other products that were vetted and Valeo passed on. This product is licensed with J&J in the USA, however it was reallocated from the last licensee in Canada so that it can be offered better targeted attention (by Valeo).


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GROWTH: REDESCA® (BIOSIMILAR), Expected launch Q1-2021

  • Injectable Anti coagulant, initially prescribed in hospital (low molecular weight heparin biosimilar)

  • First new entrant in 20 years into a $200 M market.

  • Price advantage over existing products.

  • Product is successfully marketed in the EU.

  • Valeo’s Partner is the world largest Heparin manufacturer.

  • Peak sales estimate $30M - $40M/annum, sales margin 55% - 60%.

There is a new wave/push in Canada to support biosimilars. Alberta and BC are mandating the use of biosimilars, and it is expected that Ontario and Quebec will follow suit very soon -- the cost savings are too enormous to ignore. The Provinces spend $billions on drugs every year, and biosimilars can often be ~25% - 50% cheaper. Biosimilars are the same as the biologic originals/competition, they are however created from a living organism and every lot fluctuates minutely, thus they are not identical and are treated like a new drug by Health Canada. The good part is Valeo does not have to do any clinical trials that the innovators have done, Valeo piggybacks on their trials. Valeo’s partner did perform clinical trials to show safety and efficacy; its trial involved 286 patients. REDESCA® should be approved in Fall-2020. Low molecular weight heparin is a fairly large market in Canada; it is a ~$200M+ market used in various common surgical procedures as an anticoagulant agent (e.g. hip replacements, knee replacements, cardiac procedures) and used increasingly in patients suffering from Covid-19. Valeo's REDESCA® will be the fourth player in the low molecular weight heparin market in Canada. With Valeo's REDESCA® entrance at a lower price, and biosimilar access across the spectrum of drugs being increasingly pushed by the Provinces, Valeo should capture a respectable share of the Canadian market. From a study Valeo pharma did, it estimates REDESCA® will be in the 25% - 35% range lower than the existing competition, and even in those ranges Valeo's margins will be ~50%. These are relatively inexpensive units, they are prefilled syringes, it is a volume business, we're talking the total market of ~15M/annum syringes in Canada. Valeo's manufacturer is very reliable, currently very active in Europe and Asia, it has the ability to manufacture ~400M syringes per year.


Also important to note is that the World Health Organization has as one of its guidelines for COVID-19 patient treatment the use of low molecular weight heparin to prevent complications resulting from the virus infection (see related article here). There are also ongoing studies evaluating whether the use of low molecular weight heparin could also increase recovery time and decrease overall mortality related to COVID-19;



The Italian Medicines Agency (AIFA) has given the green light to a new clinical study to reduce mortality from Covid-19: a group of patients will be administered the low molecular weight heparin anticoagulant in therapeutic doses (see related article here).


Also see the following medical synopsis article entitled "Evidence is building linking anticoagulation to COVID-19 Survival"; among nearly 3000 patients with COVID-19 admitted to New York City's Mount Sinai Health System beginning in mid-March, median survival increased from 14 days to 21 days with the addition of anticoagulation low molecular weight heparin (see related article here).


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Below is expanded insight on Valeo Pharma Inc.


     Content found herein is not investment advice see Terms of Use, Disclosure & Disclaimer

*Projections, estimates, and assumptions herein are based on journalistic opinion, not Company guidance.


Recent Company news of significance


• November 12, 2020 "Valeo Pharma announces Amikacin approval in CANADA and U.S. launch of Ethacrynate Sodium".


• October 13, 2020 "Valeo Pharma Announces that HesperCo TM has Started Shipping".


• September 29, 2020 "Valeo Pharma Reports Its Third Quarter 2020 Results and Highlights".


• September 23, 2020 "Valeo Pharma Begins Trading on the U.S. OTCQB Market".


• September 23, 2020 "Valeo Pharma to Report Third Quarter 2020 Results and Hold Investors Conference Call / Webcast".


• September 11, 2020 "Valeo Pharma Warrants to Begin Trading Today on CSE Under the Symbol VPH.WT.A".


• September 10, 2020 "Valeo Pharma Announces Closing of Bought Deal Financing Including Exercising of Over-Allotment Option for Gross Proceeds of $6.9 Million".


• September 03, 2020 "Valeo Pharma Receives HespercoTM Natural Product License Approval from Health Canada".


• August 24, 2020 "Valeo Pharma has submitted HespercoTM Natural Product License Application for Approval to Health Canada".


• August 20, 2020 "Valeo Pharma Announces $6.0 Million Bought Deal Financing".


• August 12, 2020 "Valeo Pharma Commences Yondelis® Commercialization in Canada".


• July 29, 2020 "Valeo Pharma Applies for Listing on the U.S. OTCQB Market".


• July 13, 2020 "Valeo Pharma Receives Approval from Health Canada for the Transfer of Commercial Rights to AMETOPTM".


• July 10, 2020 "Valeo Pharma Closes $1.7 Million Oversubscribed Private Placement".


• July 2, 2020 "Valeo Pharma Reports Its 2020 Second Quarter Results and Initiates $1 Million Debenture Private Placement".


• June 8, 2020 "Valeo Pharma Receives Approval from Health Canada for the Transfer of Commercial Rights to Yondelis® in Canada".


• April 28, 2020 "Valeo Pharma Licenses Canadian Rights to Ametop Gel from Alliance Pharma".


• March 27, 2020 "Valeo Pharma Reports its 2020 First Quarter Results".


• March 17, 2020 "Valeo Pharma Comments on world Health Organization's Best Practices Recommending Use of Low Molecular Weight Heparin to help Prevent Complications related to COVID-19 Infections".


• February 28, 2020 "Valeo Pharma Reports 2019 Financial Results and Closing of $2.1 Million Private Placement".


• February 6, 2020 "Valeo Pharma's ONSTRYV Receives Positive Recommendation for public Reimbursement in Quebec".


• January 21, 2020 "Valeo Pharma Signs licensing Agreement with Pharmamar to Commercialize YONDELIS® in Canada".

...Click here to view more news releases from source


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Figure 5. (above) - Valeo Pharma Inc. milestones & catalysts.


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Why Invest in Valeo Pharma Inc.:

  • Current valuation primarily based on 'Base Product' revenue.

  • Revenue growth will accelerate from Branded products.

  • Continuing in licensing and launch of Base and Brand products.

  • Projected Breakeven year in 2020.

  • Accomplished and strong management team.


Valeo Pharma Inc.'s Governance and Management  Skip to top


VPH.C's board of directors and management team has a well rounded combination of people that each contribute expertise in disciplines necessary for a successful organization:


Steve Saviuk, CEO, and Director

Mr. Saviuk started his career in accounting at KPMG. He quickly moved to venture capital investing through Manitex Capital Inc., a TSXV-listed company he co-founded over 30 years ago, and which still actively invests in emerging companies with a focus on the life science, renewable energy and sustainable resource sectors. Mr. Saviuk is President and CEO of Manitex Capital inc. Mr. Saviuk co-founded Valeo Pharma in 2003 and has since served as its President and CEO. Mr. Saviuk transformed Valeo Pharma from its early years as an in-licensor of established brands to a fast growing full service Canadian pharmaceutical company and was also instrumental in the sale of certain assets to Valeant Canada. In addition to Mr. Saviuk's executive management experience, he is well acquainted with key corporate governance issues having served on numerous boards of both public and private companies. Mr. Saviuk hold a degree in Business (B.Comm) from Concordia University (Montreal, Qc).


Jeff Skinner, VP Business Development

Mr. Skinner has worked in the Canadian Healthcare industry for 15 years, with a focus on Business Development and Licensing. His experience includes time at a clinical stage medical device company, the Canadian affiliate of an international pharmaceutical company, and several early stage biotech companies. Prior to joining Valeo Pharma in 2014, Mr. Skinner worked for SteriMax Inc., a Canadian generic pharmaceutical company. At Valeo Pharma, Mr. Skinner is responsible for all business development activities, including the identification and evaluation of new product opportunities, and the negotiation of contracts for product rights. Mr. Skinner holds a Bachelor's degree in Science (BSc.) and a Master's Degree in Business Administration (MBA), both from the University of Western Ontario (London, Ont.).

Helen Saviuk, VP Operations

Ms. Saviuk was Chief Financial Officer of the Corporation from January 2008 to September 2018. She was involved in setting the base structure for various departments of the company, specifically concentrating on all financial operations, as well as supply chain management. Previously, Ms. Saviuk has held various positions in financial accounting throughout her career and has been Chief Financial Officer of Manitex Capital Inc. since 2010. Ms. Saviuk holds a degree in Business (B.Comm) from Concordia University (Montreal, Qc) and a Certificate in Accounting from Mc Gill University (Montreal, Qc).


Marc Léger, Senior VP Chief Commercial Officer

Mr. Léger is a seasoned pharmaceutical executive with pan-Canadian and U.S. experience in both the prescription pharmaceutical and consumer healthcare businesses. He has extensive experience in building and leading organizations and has an excellent track record of developing best in class brands. Mr. Léger began his career in the pharmaceutical industry in 1984 with Schering Canada as a sales representative in British Columbia. He progressed through the organization in a variety of roles in the marketing and sales departments (Canada and U.S.) leading to the role of Vice President, Primary Care Business Unit (1997-2002) and subsequently to the role of General Manager, Schering-Plough Healthcare Canada (2002-2008), where he led the Consumer Health Business. During his career at Schering-Plough, Mr. Léger was directly involved with the launch and/or development of over 15 brands which became leading brands in their respective markets, and managed and led several organizational structure changes. In February 2009, Mr. Léger joined Valeo Pharma, leading the Commercial Operations where he was directly involved with the development of both the dermatology and specialty products businesses, which were in part sold to Valeant Pharmaceuticals Inc. (now Bausch Health) in 2014. Currently, as Senior VP and Chief Commercial Officer, Mr. Léger leads all of the commercial facets of the in-line products and is involved in the new business development initiatives. Mr. Léger graduated from Concordia University (Montreal, Qc) in 1984 with a Bachelor of Arts degree (Economics).


Nathalie Therrien, Nathalie VP Quality Assurance and Regulatory Affairs

Ms. Therrien has worked in the pharmaceutical industry for over 20 years, with a focus on quality assurance and regulatory affairs of health products. She has a strong expertise in compliance with Health Canada, FDA, and EU regulations for health products including ISO 13485 certifications. Ms. Therrien joined Valeo Pharma in January 2016. Prior to joining the Corporation Ms. Therrien worked at A.R Medicom, a health care company that manufactures infection control products, from January 2012 to January 2016 as Corporate Director of Quality Assurance and Regulatory Affairs ensuring regulatory compliance of all manufacturing sites. Before joining A.R Medicom, Ms. Therrien worked at Anapharm Inc. (now Inventiv Health Clinique), a clinical research organization, for 5 years as a Director of Clinical operations and at Sanofi for over 14 years where she held different positions within the quality department. At Valeo Pharma, Ms. Therrien oversees and directs quality assurance and regulatory affairs activities to ensure regulatory compliance including pharmaceutical product approval activities. Ms. Therrien holds a B.Sc. in Science from Université du Québec ŕ Montréal.


Luc Mainville, Senior VP and CFOs

In addition to his position with Valeo Pharma, Mr. Mainville is currently the President of Luma Life and Senior Vice-President and Chief Financial Officer of Ortho Regenerative Technologies Inc. He, previously served as Interim Chief Executive Officer at Acerus Pharmaceuticals Corp., Executive Vice President at Cardiome Pharma Corp., President and Chief Executive Officer of Neopharm Labs Inc. and LAB Research Inc. Mr. Mainville has gained considerable experience throughout his career in senior management roles, including chief financial officer positions for several private and public life science companies such as RTP Pharma, Waratah Pharma, URRMA Biopharma and LAB International. In particular, Mr. Mainville has led or been involved in four distinct IPOs/RTOs, completed more than 20 public financings, and led more than 50 licensing, sale, merger and acquisition transactions. He serves or served as a director for a number of public and private companies in the biotechnology and pharmaceutical industries as well as Chair of the Audit Committee for a number of boards, including that of Acerus Pharmaceuticals, AAA Medic, Enobia Pharma, Powertech Corporation, Cyplasin Biomedical and Chairman of the board of Zucara Therapeutics, Alethia BioTherapeutics and Bioaxone Theratpeutics. He served as Vice-Chairman of BIOTECanada, and also teaches corporate governance and mergers and acquisitions courses at McGill University in Montreal, Quebec. Prior to his career in the life science industry, Mr. Mainville was a Partner at KPMG LLP.


Guy Paul Allard, VP Legal affairs and Corporate Secretary

Mr. Allard is a lawyer and Member of the Quebec Bar since 1996. In addition to his position with Valeo Pharma, Mr. Allard is Vice-President, Legal Affairs and Corporate Secretary for Manitex Capital Inc. and Ortho Regenerative Technologies Inc., two affiliates of Valeo Pharma, since April 2016. From 2007 to 2016, he was Partner and Counsel at Dentons, a multinational law firm where he specialized in corporate finance, securities, and mergers and acquisitions. Throughout his career, he has been counsel to several publicly-listed companies on various matters. Mr. Allard holds a Bachelor's degree in Business Administration (B.A.A), a Certificate in Law and a Bachelor's degree in Law (LL.B.) from Laval University (Quebec City).


Richard J. MacKay, Chairman

Mr. MacKay has been the Chairman of the Advisory Board of Valeo Pharma Inc. since 2009. He also serves as a Member of Advisory Board at Health Edge Investment Partners. In 2009, Mr. Mackay retired from a distinguished career with Stiefel Laboratories that spanned several decades. During his tenure at Stiefel Laboratories, Mr. MacKay held various leadership positions of increasing responsibility, including, Senior Vice-President, Marketing and Sales North America, Vice President International (Japan and Korea), and most notably as President and CEO of Stiefel Canada from 1976 through 2009. Mr. Mackay also served as Vice Chairman of the Board of Directors of Stiefel Laboratories from 2007-2009. Prior to Stiefel, Mr. MacKay served as EVP and Director of ICN Canada Limited, VP and Director of Winley-Morris Company Limited and started his career as a sales representative with Parke-Davis Company Limited. Mr. MacKay was a member of the Board of Labopharm Inc. and served as interim Chairman of the Board for a period of 2 years. He served as Chairman of the Board of the Pharmaceutical Manufacturers Association of Canada (PMAC). Throughout his career, Mr. MacKay has been active in many organizations including member of the Board of Directors of the Canadian Dermatology Foundation, where he served for over 20 years. In 2003, Mr. Mackay was given the first ever Award of Honour by the Canadian Dermatology Association for his service to the people of Canada in raising the standards of health care. Mr. MacKay is a graduate of Sir George Williams University and earned advanced business diplomas from Harvard University, Dartmouth College and the École des Hautes Études Commerciales (Universite de Montreal).


Vincent P. Hogue, Director

Mr. Hogue holds a Master's Degree in Industrial Relations and has worked in the securities industry for over 30 years. Until very recently, Mr. Hogue worked as Vice-President Brokerage and Private Management for the Desjardins Group and acted as Executive Vice-President and Head of Personal Services with Desjardins Securities, responsible for leading both the discount and full-service brokerage businesses. In addition, as Chairman of the Board of Directors of Desjardins Investment Management, Mr. Hogue was responsible for business development and strategies for the Desjardins Private Wealth Management team including the private banking business. From 2006 to 2012, he was Senior Vice President, and Regional Manager, Eastern Canada at TD Waterhouse Private Investment Advice. Between 1993 and 2004, he held several management and sales positions at Fidelity Investments Canada Ltd. Mr. Hogue has been on the Board of Directors QTrade since from 2013 to 2018 and on the Board of the Quebec Chapter of the Investment Industry Regulatory Organization of Canada (IIROC) from 2011 to April 2018.


Michael G. Wells, Director

Michael Wells is an entrepreneur, investor and philanthropist among other things. He is currently the founding Managing Director of Princeton Biopharma Capital Partners, a firm he created in 2010 for the purpose of providing growth capital to pharmaceutical and medical device companies. Prior to creating this company, he was the founder and CEO of Aton Pharma, a specialty pharmaceutical company focused on rare diseases. For his part in creating and growing this company he was named an Ernst & Young Entrepreneur of the Year in 2009 and in 2010 the company was acquired by Valeant Pharmaceuticals for $330 million. His career began at Merck & Co. where he held a range of sales and marketing positions over eight years. In addition to Valeo Pharma, Mr. Wells serves on the boards of Covis Pharma Sarl, Fidelis Pharmaceuticals and is a trustee at the University of Pittsburgh. Mr. Wells holds Bachelor of Science and a Master of Science from the University of Pittsburgh and an MBA from The Wharton School at the University of Pennsylvania.


Maureen C. Brennan, Director

Throughout her career spanning over 40 years, Ms. Brennan has held several leadership and executive positions in the private and public health sectors. Since 2006, Ms. Brennan acts as a private consultant for various health sector organizations and also performs volunteer work in this field. From 2002 to 2006, Ms. Brennan was Director General at the Shriners Hospital. Prior to her position Shriners, she was Director General at the Griffith McConnel residence for seniors from 1999 to 2002. Ms. Brennan holds a degree in Medical Laboratory Technology from Dawson College, a B.A in Sociology from McGill University and a M.Sc. in Health Administration from Université de Montréal.


Michel Tredeau, Director

Michel Trudeau held the position of President and Chief Executive Officer of Laurentian Bank Securities (LBS) from 2003 until 2018. In 2009, he became responsible for Laurentian Bank's activities related to capital markets. His role expanded to become a member of the Laurentian Bank's (LBC) executive committee in 2011. He joined LBS in 1999 as Executive Vice-President of Fixed Income and was appointed Chief Operating Officer of the Institutional group in 2002. Well known within the brokerage sector, he rapidly progressed to senior positions at firms both in Toronto and Montreal. Prior to joining LBS, he worked for more than 15 years within the institutional and fixed income sectors, including 10 years at Merrill Lynch where he successively occupied various senior management positions. Michel Trudeau holds a Master's degree in Finance from McGill University and sits on various boards of directors.


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Note: This list is not intended to be a complete overview of Valeo Pharma Inc. or a complete listing of Valeo Pharma Inc.'s projects. Technology MarketWatch urges the reader to contact the subject company and has identified the following sources for information:


For more information contact Valeo Pharma Inc.'s head office at: Frederic Dumais, Director Communications and Investor Relations, dumais@valeopharma.com   Ph (514).782.8803


Company's web site: www.ValeoPharma.com   SEDAR Filings: URL



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