They were reading off a script so it didn't have too much emotion as far as I could tell. Walsh acting as interim CEO speaks volumes to a sale given his track record, IMHO.
On May 4, 2020, the Board appointed Patrick D. Walsh, a member of the Board of Directors of the Company (the “Board”), as interim President and Chief Executive Officer, effective May 11, 2020.
Mr. Walsh has been a member of the Board since 2018. He is President & Managing Member of Diligence Team and Diligence Group LLC, consulting practices he founded and are based in Durham, North Carolina, and brings over 35 years of experience in the pharmaceutical industry.
From May 2019 to April 2020, he was co-founder and CEO of TriPharm Services, an injectable manufacturing business which was acquired by Alcami. From 2015 to February 2019, Mr. Walsh was the chief executive officer of Avista Pharma, a private equity backed global provider of contract manufacturing, development and analytical testing services to pharmaceutical and biotechnology clients that was acquired by Cambrex. Prior to Avista, from 2010 to 2014, Mr. Walsh was the chief executive officer of AAIPharma Services Corporation in Wilmington, North Carolina, a private equity backed global provider of contract manufacturing services. Mr. Walsh’s earlier career includes serving as chief executive officer of Kadmus Pharmaceuticals, Inc., in Irvine, California, and serving as president and chief operating officer of publicly-traded Gensia-Sicor Pharmaceuticals, Inc., which was acquired by Teva for $3.2 billion. Mr. Walsh currently serves as an independent director of the Board of Directors of Avid Bioservices, a publicly-traded company based in Tustin, California and serves on its corporate governance committee and is chair of the compensation committee. He is also an independent director of the Board of Directors of Institute Chemica Emiliano (I.C.E.), a privately held specialty chemical company based in Milan, Italy. He is also an Operating Partner (part-time) to healthcare private-equity firm Ampersand Capital, based in Wellesley, Massachusetts.
In connection with Mr. Walsh’s appointment as interim President and Chief Executive Officer, the Company agreed to pay Mr. Walsh an annual base salary of $630,000. Additionally, Mr. Walsh will receive 7,050 shares of restricted stock which will vest over a one-year period; provided, however, that such restricted stock shall immediately vest in full on the date Mr. Walsh’s service as interim President and Chief Executive Officer terminates.
-RG
