Theratechnologies Announces Departure of Chief Commercial Officer

Rhea-AI Summary

Theratechnologies (THTX) announced the resignation of Jovan Antunovic, Senior VP and Chief Commercial Officer, effective November 13, 2020. His departure comes after nearly two years with the company, where he enhanced their sales and marketing in the U.S. Paul Lévesque, CEO, will temporarily oversee operations until a new candidate is recruited. The company is focusing on finding someone with extensive U.S. experience to continue driving growth.

Positive

• Strengthened U.S. sales and marketing network under Jovan Antunovic's tenure.
• Solid foundation established for future growth.

Negative

• Potential instability in U.S. operations due to management transition.
• Uncertainty in recruitment process for a new executive.

MONTREAL, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Theratechnologies Inc. (Theratechnologies) (TSX: TH) (NASDAQ: THTX), a biopharmaceutical company focused on the development and commercialization of innovative therapies, today announced that Jovan Antunovic, Senior Vice President and Chief Commercial Officer, is leaving the Company to assume a new position. His resignation will be effective November 13, 2020.

“I want to thank Jovan for his contribution since joining the Company almost two years ago. He has been instrumental in enhancing our sales and marketing network in the United States and we now have a solid foundation to build on. I wish nothing but success to Jovan in his new endeavor,” said Paul Lévesque, President and Chief Executive Officer, Theratechnologies.

“As we initiate our recruitment process, we will be looking for candidates with extensive U.S. experience and a thorough understanding of the market forces and stakeholders,” added Mr. Lévesque.

Until an ideal candidate has been hired, the U.S. sales and marketing operations will be managed directly by Paul Lévesque.

About Theratechnologies
Theratechnologies (TSX: TH) (NASDAQ: THTX) is a biopharmaceutical company focused on the development and commercialization of innovative therapies addressing unmet medical needs. Further information about Theratechnologies is available on the Company's website at www.theratech.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Forward-Looking Information
This press release contains forward-looking statements and forward-looking information, or, collectively, forward-looking statements, within the meaning of applicable securities laws, that are based on our management’s beliefs and assumptions and on information currently available to our management. You can identify forward-looking statements by terms such as "may", "will", "should", "could", “would”, "outlook", "believe", "plan", "envisage", "anticipate", "expect" and "estimate", or the negatives of these terms, or variations of them. The forward-looking statements contained in this press release include, but are not limited to, statements regarding the recruitment process and our ability to find a suitable candidate.

Forward-looking statements are based upon a number of assumptions and include, but are not limited to, the following: we will be able to find a candidate with extensive U.S. experience and a thorough understanding of the market forces and stakeholders within a reasonable timeframe.

Forward-looking statements are subject to a variety of risks and uncertainties, many of which are beyond our control that could cause our actual results to differ materially from those that are disclosed in or implied by the forward-looking statements contained in this press release. These risks and uncertainty include that we may not be able to find a candidate with extensive U.S. experience and a thorough understanding of the market forces and stakeholders and we may not be able to complete the recruitment process within a reasonable timeframe.

We refer potential investors to the "Risk Factors" section of our annual information form dated February 24, 2020 available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov as an exhibit to our report on Form 40-F dated February 25, 2020 under Theratechnologies’ public filings for additional risks regarding the conduct of our business and Theratechnologies. The reader is cautioned to consider these and other risks and uncertainties carefully and not to put undue reliance on forward-looking statements. Forward-looking statements reflect current expectations regarding future events and speak only as of the date of this press release and represent our expectations as of that date.

We undertake no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise, except as may be required by applicable law.

For media inquiries:
Denis Boucher
Vice President, Communications and Corporate Affairs
514-336-7800

Leah Gibson
Senior Director, Investor Relations
617-356-1009 

FAQ

What is the reason for the Chief Commercial Officer's resignation at THTX?

Jovan Antunovic is leaving to assume a new position, effective November 13, 2020.

Who will manage U.S. sales and marketing at Theratechnologies until a replacement is found?

Paul Lévesque, the CEO, will oversee U.S. sales and marketing operations temporarily.

What qualifications is Theratechnologies looking for in a new Chief Commercial Officer?

They are seeking candidates with extensive U.S. experience and a solid understanding of market forces.

How might Jovan Antunovic's departure affect Theratechnologies' operations?

His departure could lead to instability in sales and marketing operations until a new leader is appointed.