Landec Corporation Announces Intention to Become Lifecore Biomedical
10 Agosto 2022 - 5:04PM
Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a
diversified health and wellness company focused on its growing
Lifecore Biomedical (“Lifecore”) business – a fully integrated
contract development and manufacturing organization (“CDMO”) that
offers highly differentiated capabilities in the development, fill
and finish of complex sterile injectable pharmaceutical products in
syringes and vials – today formally announced the Company’s path
forward as a CDMO-focused life sciences company, complete with a
planned corporate rebranding, new ticker symbol, and the naming of
its go-forward executive leadership team and Board of Directors.
Board and Management
CommentaryCraig Barbarosh, Chairman of the Board of
Landec, stated, “With Project SWIFT rapidly coming to a close, we
are thrilled to announce several corporate actions in support of
our focused strategy to accelerate growth at Lifecore. Lifecore has
produced compound revenue growth of 15% and EBITDA growth of 25%
since fiscal 2015. We have supported the Lifecore business since we
took ownership of the company, investing in new capacity and
capabilities. As we look ahead, we expect Lifecore to continue to
build upon its strong development pipeline, further expand its
breadth of services and become the leading CDMO focused on complex
projects. We are extremely excited about the path ahead for this
exceptional business.”
Mr. Barbarosh added, “On behalf of the entire
Board, I’d like to thank and acknowledge Dr. Albert Bolles for his
significant contributions to Landec over the years, first as a
Board member and subsequently as our CEO, as he readily stepped
into the role to help us execute our action plan to extract value
from our diverse businesses. Now that Project SWIFT is
substantively complete, Dr. Bolles has agreed to transition to
President of Curation Foods, Inc. to oversee the remaining
disposition activities. Concurrent with this transition, the Board
has appointed current Lifecore President, James G. Hall, as the
Company’s new CEO and we look forward to his continued stewardship
of this great CDMO asset. Additionally, I also thank
and acknowledge the contributions of our four board members who
intend either not to seek re-election to or step down from our
Board as of our upcoming annual meeting in October of this
year.”
Dr. Albert Bolles commented, “I want to commend
the entire Landec organization for their resolve over the past
couple of years to create significant value for the benefit of
shareholders and to help navigate the Company through very
challenging times – I am grateful for everyone’s individual
contributions. In addition to streamlining the Curation Foods
business, we also sold our fresh packaged salad and vegetable
business, our Windset investment, and our BreatheWay business –
utilizing those proceeds to collectively de-lever our balance sheet
by approximately $112 million. I look forward to overseeing our
team’s efforts to sell the remaining Curation Foods assets in the
near-term. It has been a pleasure leading the team through this
important transition and I am excited to monitor Lifecore’s
progress as it continues to build its development pipeline,
leverage its capacity, and accelerate growth in the years to
come.”
Transition to ‘Lifecore Biomedical’ and
Related Corporate Actions
-
Corporate rebranding from Landec Corporation to Lifecore Biomedical
– The Company intends to formally rebrand its corporate identity,
including changing its corporate name to Lifecore Biomedical in the
near future. Lifecore is a fully integrated CDMO with highly
differentiated capabilities for the development, fill and finish of
sterile, injectable-grade pharmaceutical products. Lifecore
addresses a large and growing market supported by underlying
tailwinds and multiple levers to drive an acceleration in long-term
revenue growth.
-
Ticker symbol transition to ‘LFCR’ – Concurrent with the corporate
rebranding, the Company expects to begin trading under its new
ticker ‘LFCR’ on The Nasdaq Stock Market. No action is required by
Landec stockholders with respect to the ticker symbol change and it
does not affect the rights of stockholders. The common stock will
continue to be listed on Nasdaq and the CUSIP number will remain
unchanged. Timing of the cut-over to the new ticker symbol will be
communicated in due course.
-
Names new CEO and anticipated changes to the Board of Directors –
-
New CEO - The Board has appointed James G. Hall as its new Chief
Executive Officer and to serve as a director on the Board of
Directors, effective today. John Morberg, Landec’s current Chief
Financial Officer will continue on in his role and support the
finance organization. Dr. Albert Bolles will serve as President of
Curation Foods, Inc. to oversee the remaining disposition
activities related to the remaining Curation Foods businesses.
-
Board Changes – In connection with this announcement, four members
of the Board of Directors of the Company, Deborah Carosella, Tonia
Pankopf, Andrew K. Powell, and Catherine A. Sohn, have indicated
that they will either step down or not stand for reelection to the
Board of Directors at our next annual meeting in October of this
year, which will create a life sciences focused Board of Directors
with deep and diverse expertise, comprised of seven
individuals.
Update on Remaining Curation Foods
AssetsThe Company intends to continue exploring potential
sale opportunities for its remaining Curation Foods assets –
Yucatan Foods and O Olive Oil & Vinegar. Subject to market
conditions, the Company anticipates completing these sales during
fiscal year 2023. Should both or either business be sold by the
Company, the results of the operations of such businesses will be
reported as discontinued operations for the period of sale and any
comparable periods reported.
Fiscal Fourth Quarter 2022 Results to be
Announced Today -- August 10, 2022Date: Wednesday, August
10, 2022Time: 2:00 p.m. Pacific time (5:00 p.m. Eastern time)
Direct Webcast link:
https://viavid.webcasts.com/starthere.jsp?ei=1560352&tp_key=1933ba14f1Via
telephone: dial toll-free: 1-877-407-3982 (U.S.) or 1-201-493-6780
(International). A replay of the call will be available through
Wednesday, August 17th, by calling toll-free: 1-844-512-2921 (U.S.)
or 1-412-317-6671 (International), and entering code 13731657.
About Landec CorporationLandec
Corporation (Nasdaq: LNDC) is a leading innovator of diversified
health and wellness solutions with two operating businesses:
Lifecore Biomedical, LLC. and Curation Foods, Inc. Lifecore
Biomedical is a fully integrated contract development and
manufacturing organization (CDMO) that offers highly differentiated
capabilities in the development, fill and finish of complex sterile
injectable pharmaceutical products in syringes and vials. As a
leading manufacturer of premium, injectable grade Hyaluronic Acid,
Lifecore brings 35 years of expertise as a partner for global and
emerging biopharmaceutical and biotechnology companies across
multiple therapeutic categories to bring their innovations to
market. Curation Foods is focused on innovating and distributing
plant-based foods with 100% clean ingredients to retail, club and
foodservice channels through its Yucatan® and Cabo Fresh® avocado
products and O Olive Oil & Vinegar® premium artisan products.
For more information about the Company, visit Landec’s website at
www.landec.com.
Important Cautions Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements regarding future events and our future
results that are subject to the safe harbor created under the
Private Securities Litigation Reform Act of 1995 and other safe
harbors under the Securities Act of 1933 and the Securities
Exchange Act of 1934. Words such as “anticipate”, “estimate”,
“expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”,
“will”, “should”, “can have”, “likely” and similar expressions are
used to identify forward-looking statements. All forward-looking
statements involve certain risks and uncertainties that could cause
actual results to differ materially, including such factors among
others, as the timing and expenses associated with operations, the
ability of the Company to recognize the anticipated benefits of the
sale of the remaining Curation Foods businesses, future liabilities
that may arise from the previously completed divestiture
transactions, the ability to successfully operate the remaining
Curation Foods businesses during the pendency of their
divestitures, , our ability to successfully complete the transition
of the Company’s business and operations to focus on Lifecore,
including the changes to its corporate name and ticker symbol, the
executive team transition, and related matters, the timing of
regulatory approvals, uncertainties related to COVID-19 and the
impact of our responses to it, and the ability to successfully
realize the anticipated benefits of the refocusing of the Company’s
business on Lifecore. For additional information about factors that
could cause actual results to differ materially from those
described in the forward-looking statements, please refer to our
filings with the Securities and Exchange Commission, including the
risk factors contained in our most recent Quarterly Report on Form
10-Q and Annual Report on Form 10-K. Forward-looking statements
represent management’s current expectations and are inherently
uncertain. Except as required by law, we do not undertake any
obligation to update forward-looking statements made by us to
reflect subsequent events or circumstances.
Landec Corp. Contact
Information:Investor RelationsJeff
Sonnek(646) 277-1263jeff.sonnek@icrinc.com
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