Velan announces resignation of CFO and appointment of new interim CFO

MONTREAL — Velan Inc. announced on Jan. 8 that Rejean Ostiguy has informed the Company of his decision to resign as Chief Financial Officer, having accepted a leadership opportunity at a privately owned company. Velan has commenced a search to identify the Company’s next CFO. Mr. Ostiguy will remain in his role until January 22nd, after the release of Velan financial results for the third quarter.

John Ball, Executive Vice President, Global Finance and former Chief Financial Officer of the Company, from 2005 until May 2020, will assume the role of Chief Financial Officer on an interim basis.

“On behalf of Velan, I want to thank Rejean for his leadership and expertise over the past 12 months, overseeing the deployment of major systems improvements under our V20 program,” said Yves Leduc, Velan’s Chief Executive Officer, “I also want to thank John for accepting to support the Company in the interim period. John is a well-respected senior executive with an exceptional knowledge of the business and the Company, and whose track record, since he joined Velan as CFO in 2005, has been outstanding. We wish Rejean continued success in this next chapter of his career.”