07:36 AM EDT, 06/10/2025 (MT Newswires) -- MediPharm Labs ( MEDIF ) co-founder and former chief executive, Pat McCutcheon, has joined Apollo Capital in contesting management, the investment fund said late on Monday.

McCutchen said MediPharm's ( MEDIF ) share price has collapsed over the past three years while senior management has been paid more than $10 million even as they failed to capitalize on the medical cannabis opportunity, Apollo said in a statement.

Apollo, which has a 3% stake in MediPharm ( MEDIF ), has said it has a plan to increase the company's share price from $0.07 to over $1.00 in three years and restore its position as a leading global medical cannabis company.

On My 30, Institutional Shareholder Services recommended that MediPharm ( MEDIF ) shareholders vote for the company's board nominees at the Annual and Special Meeting of shareholders on June 16, noting that there "does not appear to be a conclusive deficiency" in corporate governance. MediPharm ( MEDIF ) has also experienced "multiple years of improving financial results." ISS also added that Apollo has not presented a cast for board change.

MediPharm Labs ( MEDIF ) closed at $0.08 on the Toronto Stock Exchange on Monday, towards the low end of its 52-week range of $0.06 - $0.12.