12:40 PM EDT, 08/06/2024 (MT Newswires) -- Valeo Pharma ( VPHIF ) was last seen up 37% after the company on Tuesday said Chief Development Officer Al Moghaddam will succeed the retiring Steve Saviuk as the company's chief executive.

Saviuk will move to chair Valeo's board of directors, taking over from Richard MacKay, who will remain a board member.

I am enthusiastic to take on the role of CEO of Valeo and lead a talented and dedicated team. Over the past nine months, the company has undergone a transformational restructuring to accelerate its progress towards profitability and continue its development as a leading Canadian pharmaceutical company," Moghaddam said in a release.

Valeo shares were last seen up $0.025 to $0.095 on the Toronto Stock Exchange.

Price: 0.10, Change: +0.03, Percent Change: +35.71