Lifecore Biomedical named Paul Josephs its president and chief executive and Katrina Houde as its new board chair following the completion of the Minnesota-based CDMO’s strategic review that began in March of last year.
Josephs will succeed current CEO Jim Hall, effective May 20, when Hall retires. Hall will also step down from the company’s board, though he'll remain with Lifecore in an advisory capacity for a year, the company said in a March 20 press release.
Additionally, Houde will take over as board chair at the company’s upcoming annual shareholder’s meeting. Houde will replace Craig Barborash, who said he won’t stand for reelection.
Following the extensive strategic review, Lifecore determined that it will remain as a standalone company and increase its investment in aseptic production capacity. The company also plans to expand its development pipeline to address the growing demand for injectable fill/finish capabilities.
In a statement, board member Christopher Kiper touted the company's "significant investments in expanding our injectable fill/finish capacity for vials and syringes, recent new commercial contracts, existing contract enhancements and commercialization of new products." The board expects the company to "emerge from the trough and return to a solid growth trajectory" in the second half of this year, Kiper added.
Lifecore shares were off more than 32% at $4.88 per share in mid-morning trading Wednesday on the NASDAQ. In the past 12 months, the company’s shares have traded as high as $11.46 and as low as $2.70.