25m Health Partners with Clearwater to Develop a Scalable Cybersecurity and Compliance Program Across its Portfolio

Partnership with Leading Venture Platform is Another Step Forward in Clearwater’s Initiative to Help Secure the Next Generation of Healthcare Technology Innovators

NASHVILLE, TNClearwater, the largest pure-play provider of cybersecurity and compliance solutions for the healthcare industry, and 25m Health, part of the Venture Platform 25madison that incubates and invests in breakout healthcare technology startups, announced today a partnership focused on developing a repeatable and scalable cybersecurity and compliance program that can deployed across the organization and its portfolio companies.

Formed in November 2021 by a joint venture between Lifepoint Health®, 25madison and Apollo Global Management (NYSE: APO), 25m Health is growing a portfolio of innovative startups that all target solutions aimed at improving access to high-quality care, enhancing the delivery of care across the healthcare continuum, and advancing value-based care.

By partnering with Clearwater, 25m Health is providing its portfolio companies with a cost-effective solution for building the cybersecurity and compliance capabilities needed to compete in the healthcare marketplace. Clearwater provides a deep team of experts and purpose-built software focused specifically on helping health tech companies make rapid progress in ensuring their organizations and technologies are market ready from a cybersecurity and compliance standpoint.

“Strong cybersecurity and compliance capabilities are a business imperative for any company developing technology for the healthcare industry,” said Ryan Macy, 25m Health’s Head of Engineering. “We’ve partnered with the industry leader in Clearwater to provide our companies with a very efficient solution that can easily scale as they grow within Lifepoint and beyond.

“With minimal disruption to founders and their teams, we’re proactively meeting the needs of healthcare providers who expect technologies being deployed within their organization to achieve the highest standards with respect to cybersecurity and compliance,” Macy added.

Key services being provided as part of the 25m Health-Clearwater partnership include:

  • Establishing baseline target profiles for portfolio companies using the NIST Cybersecurity Framework and the 405(d) Health Industry Cybersecurity Practices
  • vCISO support and advisory services
  • Program governance
  • Cloud security assessments
  • Hardening guidance for the tech stack
  • Portfolio monitoring and reporting

“Our partnership with 25m Health is another step forward in Clearwater’s initiative to help secure the next generation of healthcare technology innovators,” said Steve Cagle, Clearwater CEO. “We are deeply committed to advancing healthcare innovation by providing the industry’s strongest team of experts and tools focused on helping emerging technology companies build and mature the cybersecurity and compliance capabilities needed for success in our industry.”

About 25madison

25madison is a Venture Platform that incubates and invests in early-stage startups. 25madison consists of 25m Flagship, 25m Health, 25m Supply Chain, and 25m Evolve. 25madison also offers brand, marketing and UX design services through Creature, an agency that helps propel companies at pivotal moments. With a collaborative approach and a deep skillset across all business needs, 25madison partners with top entrepreneurs to turn high-conviction ideas into big businesses. Find out more at 25madison.com.

About Clearwater

Clearwater helps organizations across the healthcare ecosystem move to a more secure, compliant, and resilient state so they can achieve their mission. The company provides a deep pool of experts across a broad range of cybersecurity, privacy, and compliance domains, purpose-built software that enables efficient identification and management of cybersecurity and compliance risks, and a tech-enabled, 24x7x365 Security Operations Center with managed threat detection and response capabilities. To learn more, please visit www.clearwatersecurity.com.

For more information or press inquiries, please contact:

John Howlett
SVP and Chief Marketing Officer
Clearwater
john.howlett@clearwatersecurity.com
773.636.6449

Altaris Appoints Iain Baird as Operating Partner

New York, NY – Altaris, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Iain Baird as an Operating Partner. Mr. Baird has over 35 years of experience in the pharmaceutical industry, and will strengthen Altaris’ investment and operational activities in the sector. Mr. Baird has worked closely with Altaris for more than a decade, and he currently serves as a board director for Padagis and Kindeva.

Mr. Baird has a long track record of partnering with founders and management teams to build and optimize contract development and manufacturing organizations (CDMOs) and product companies across many therapeutic dosage formats, including: OSO BioPharmaceuticals, CANbridge Life Sciences, Gallus Biopharmaceuticals, Brammer Bio, Mikart, Arranta Bio, Vibalogics, Genezen, Enterobiotix and Meridian Medical Technologies.

Mr. Baird started his career at AstraZeneca (formerly ICI and Zeneca) where he designed and project managed the construction of pharmaceutical facilities and ran multiple production sites. Subsequently, Mr. Baird was a member of the leadership team that established Avecia Oligonucleotides as a contract manufacturing business and was also a founding team member of Avecia Vaccines, where he led the chemistry manufacturing and control groups in the development of vaccines against anthrax and plague. Mr. Baird received a Bachelor of Engineering in Mechanical and Electrical Engineering from Robert Gordons University.

Altaris is an investment firm exclusively focused on the healthcare industry. Altaris seeks to build market-leading companies that deliver innovation and efficiency to the healthcare system, with the ultimate goal of improving access and outcomes for patients. Altaris is headquartered in New York City and manages over $9.0 billion of equity capital. For more information, please visit www.altariscap.com.

Kindeva Drug Delivery Acquires Summit Biosciences

New York, NY – Kindeva Drug Delivery (“Kindeva”), an operating company of Altaris, LLC (collectively with its affiliates, “Altaris”), announced today that it has acquired Summit Biosciences (“Summit”), an intranasal drug-delivery contract development and manufacturing organization, from its founding family shareholders.

Established in 2009, Summit has an extensive track record of innovation in the unit dose nasal spray market. The acquisition of Summit enhances Kindeva’s existing capabilities as a global leader in drug-device combination products by adding a new drug-delivery platform and expanding Kindeva’s ability to serve biopharma customers across a wider range of complex drug-device combination products (pulmonary, injectable, transdermal, and nasal).

Summit’s 55,000-square-foot cGMP facility in Lexington, Kentucky, adds to Kindeva’s global manufacturing footprint of nine development and manufacturing facilities across the U.S. and UK. The facility is approved by the U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA), and features specialized laboratories and integrated manufacturing operations with a long track record in bringing intranasal medicines to market.

Kirkland & Ellis acted as legal counsel to Kindeva. Frost Brown Todd acted as legal counsel, and Bourne Partners served as the exclusive financial advisor, to Summit.

About Altaris

Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 50 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages more than $9.0 billion of equity capital. For more information, please visit www.altariscap.com.

About Kindeva Drug Delivery

Kindeva is a global contract development manufacturing organization (CDMO) focused on drug-device combination products. The company develops and manufactures products across a broad range of drug-delivery formats, including pulmonary & nasal, injectable, and transdermal. Kindeva’s service offerings span early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drug-device product assembly. Kindeva serves a global client base from our nine manufacturing, research, and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com.

Altaris Appoints Brooks West as Operating Partner

New York, NY – Altaris, LLC (collectively with its affiliates, “Altaris”) is pleased to announce the appointment of Brooks West as an Operating Partner. Mr. West brings a broad range of experience across the medical technology industry and will leverage his expertise to support Altaris’ investment and portfolio company development activities.

Mr. West has over 25 years of executive leadership, board and investment experience in medical technology industry. Previously, Mr. West was the President and CEO of BK Medical, an Altaris portfolio company and a global leader in intraoperative imaging. Mr. West joined BK Medical in 2017 and led its transformation and subsequent spinout from Analogic Corporation in 2018, culminating in the sale of the business to GE Healthcare for $1.45 Billion in 2021. Prior to BK Medical, Mr. West served for over a decade as a sell-side equity research analyst, most recently as a Senior Research Analyst covering medical technology at Piper Jaffray, in addition to a number of operating and investment banking roles. Mr. West received a Bachelor of Business Administration from Boston University.

Altaris is an investment firm exclusively focused on the healthcare industry. Altaris seeks to build market-leading companies that deliver innovation and efficiency to the healthcare system, with the ultimate goal of improving access and outcomes for patients. Altaris is headquartered in New York City and manages over $9.0 billion of equity capital. For more information, please visit www.altariscap.com.

Kindeva Drug Delivery and Orbia Fluorinated Solutions (Koura) Announce Collaboration for Low GWP Propellant Conversion

WOODBURY, Minn. and St. LOUIS, Mo. and BOSTON; Dec. 5, 2023Kindeva Drug Delivery (Kindeva), a leading global contract development and manufacturing organization (CDMO) focused on drug-device combination products, and Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) Fluorinated Solutions business (Koura®), a global leader in the development, manufacture, and supply of fluoroproducts and technologies, announced today a co-development collaboration for the conversion from existing marketed pressurised Metered Dose Inhaler (pMDI) products to Koura’s more sustainable and environmentally-conscious medical propellant; HFA 152a, known as Zephex® 152a.

This strategic collaboration will focus on accelerating the conversion of existing marketed pMDI inhaler products to low global warming potential (GWP) pMDIs utilizing Koura’s Zephex 152a platform with the objective of reducing respiratory healthcare carbon emissions while safeguarding patient choice. This partnership aims to facilitate conversion of pMDI products to the lower GWP propellent 152a and progressing them through clinical development.

The converted pMDI products will be available for licensing with anticipated launches occurring in-line with the expected commencement of a phase-down of existing pMDI systems containing HFC-134a and HFC-227ea within the European Union.

Orbia Fluorinated Solutions Business (Koura) President Gregg Smith said, “This is a significant step forward in bringing our lower GWP medical propellant Zephex 152a to the market and we are excited to partner with Kindeva to ensure patients have access to this life saving technology.”

David Stevens, Global Chief Commercial Officer of Kindeva said, “We are proud to partner with Koura to help achieve the dual objectives of significantly reducing the environmental impact of pMDI inhalers and ensuring patient access to inhaler options is not compromised.”

Stevens continued, “Kindeva has a rich history of innovation in the pMDI market and our comprehensive development and manufacturing capabilities uniquely enable us to help lead this transition. This strategic collaboration is symbolic of not only the commitment both partners have for advancing sustainability and advocating for patient choice, but also of the shared values of the two organizations.”

Koura and Kindeva are both exhibiting at the Drug Delivery to the Lungs conference (DDL) in Edinburgh, U.K., December 6-8 (booth #146 and #147, respectively) where they will be speaking with industry leaders on the low GWP propellent, 152a, and further relevant topics.

About Kindeva Drug Delivery
Kindeva is a global contract development manufacturing organization focused on drug-device combination products. Kindeva develops and manufactures products across a broad range of complex drug-delivery formats, including injectables (autoinjector, intradermal, microneedle), pulmonary and nasal, and transdermal patches. Its service offering spans early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drug-device product assembly. Kindeva serves a global client base from its nine manufacturing and research and development facilities located in the U.S. and U.K. For more information, please visit www.kindevadd.com.

About Orbia
Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) is a company driven by a shared purpose: to advance life around the world. Orbia operates in the Polymer Solutions (Vestolit and Alphagary), Building and Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) and Fluorinated Solutions (Koura) sectors. The five Orbia businesses have a collective focus on expanding access to health and well-being, reinventing the future of cities and homes, ensuring food, water and sanitation security, connecting communities to information and enabling the energy transition with basic and advanced materials, specialty products and innovative solutions. Orbia has a global team of over 24,000 employees, commercial activities in more than 100 countries and operations in over 50, with global headquarters in Boston, Mexico City, Amsterdam and Tel Aviv. The company generated $9.6 billion in revenue and $1.95 billion of EBITDA in 2022. To learn more, visit: orbia.com.

About Orbia Fluorinated Solutions (Koura)
Orbia Fluorinated Solutions business, Koura, is a global leader in the development, manufacture and supply of fluoroproducts that play a fundamental role in enhancing everyday lives and shortening the path to a sustainable, circular economy. Backed by over 35 years of experience, Orbia Fluorinated Solutions (Koura) products are used in a vast range of applications including electric vehicles and energy storage, urban and rural infrastructure, indoor climate management, food and medicine refrigeration and even in treating respiratory conditions through the development of healthy and innovative low-GWP propellants for metered-dose inhalers. Orbia Fluorinated Solutions (Koura) has 1,600 employees and 13 manufacturing facilities worldwide, serving 60 countries through a global sales and distribution network.

Clearwater Once Again Rated Healthcare’s Top Cybersecurity Consultants and Compliance and Risk Management Solution

 

Top Rankings in Black Book’s Survey of Nearly 3,800 Healthcare Executives
Reaffirms Breadth and Strength of Company’s Expertise and Capabilities

 

NASHVILLE, TN (November 29, 2023)Clearwater, the largest pure-play provider of cybersecurity and compliance solutions for the healthcare industry, is proud to announce that it has been rated both the top Cybersecurity Advisors & Consultants and the top Compliance and Risk Management Solution in Black Book Market Research LLC’s annual “State of the Healthcare Cybersecurity Industry” report reviewing the industry’s best-performing cybersecurity software and services vendors. The latest recognition marks the fifth consecutive year that Clearwater has earned top ranking in both categories, and it follows the company’s rating as the top partner for Privacy, HIPAA and Compliance Services in another recent Black Book survey.

Black Book™ annually evaluates leading healthcare/medical software and service providers across 18 operational excellence key performance indicators (KPI) completely from the perspective of the client experience. Independent and unbiased from vendor influence, more than 1,300,000 healthcare IT users are invited to contribute to various annual customer satisfaction polls.

This year’s review of healthcare cybersecurity advisors and consultants received responses from nearly 3,800 healthcare executives representing nearly 1,900 different organizations across the ecosystem of hospitals and health systems, physician groups, health plans and insurers, and medical device manufacturers. In addition to its overall #1 ranking, Clearwater was the top-rated vendor in 13 of the 18 KPI categories reviewed by Black Book which range from client outcomes and improvements and advisor domain and body of knowledge to speed and efficiency of engagement deployment and return on investment.

More than 1,500 users of Compliance & Risk Management Solutions in healthcare provider and payer organizations participated in Black Book’s healthcare cybersecurity survey. Clearwater again led the way overall and also earned top honors in 12 of 18 KPI categories, including innovation & optimization, training, integration & interfaces, and support and customer care. The number one Compliance and Risk Management Solution rating for 2024 marks the eighth consecutive year that Clearwater has been recognized by Black Book as the leading vendor in that category.

Full rankings of hundreds of vendors can be viewed at https://blackbookmarketresearch.com/health-data-security-and-privacy.

“Delivering industry-leading value and exceeding client expectations is Clearwater’s number one priority,” said Clearwater CEO Steve Cagle. “I am very proud to see that the results of the latest Black Book survey once again validate the great work our team is doing to help our clients succeed. As we continue to grow the range of solutions we provide to the industry, we remain deeply committed to the mission of moving healthcare organizations to a more secure, compliant, and resilient state so they can achieve their mission.”

Clearwater’s comprehensive set of products and services includes:

Managed Services

Fully outsourced, expert-led, security, compliance, risk and privacy programs that create a force multiplier in protecting healthcare organizations.

Managed Security Services

24x7x365 monitoring, threat detection, vulnerability management, firewall management, and incident response that give clients an edge over threat actors.

Cybersecurity Services

A full range of expert security assessments, testing, remediation and execution services that drive tangible outcomes.

Privacy and Compliance Services

Rigorous yet efficient solutions that help clients achieve and maintain compliance with key regulations and standards, including HIPAA, HITRUST, and SOC 2.

IRM|Pro® Software

Award-winning software that provides insights and solutions to reduce risk and optimize security investments while enabling compliance.

Clearwater serves a diverse and growing base of clients across the healthcare industry, including some of the nation’s largest health systems as well as a large universe of regional hospitals, physician practice management groups, digital health and other healthcare technology companies, medical device manufacturers, and business service providers that share in the need to keep patients safe and protected health information secure while maintaining compliance with regulatory requirements.

 

About Clearwater

Clearwater helps organizations across the healthcare ecosystem move to a more secure, compliant, and resilient state so they can achieve their mission. The company provides a deep pool of experts across a broad range of cybersecurity, privacy, and compliance domains, purpose-built software that enables efficient identification and management of cybersecurity and compliance risks, and a tech-enabled, 24x7x365 Security Operations Center with managed threat detection and response capabilities. To learn more, please visit www.clearwatersecurity.com.

 

For more information or press inquiries, please contact:

John Howlett

SVP and Chief Marketing Officer

Clearwater

john.howlett@clearwatersecurity.com

773.636.6449

Intricon Names Medical Device Veteran As New CFO

Intricon, developer and manufacturer of medical devices powered by smart miniaturized electronics, today announced that it has named Shaun Blakeman as its chief financial officer (CFO) and newest member of its executive team.

“Shaun is a seasoned global financial executive with 25+ years of operational and broad business experience as well as a proven record of results-driven impact,” said Scott Longval, Intricon chief executive officer. “I am confident we will benefit from Shaun’s leadership as we continue to transform the organization to drive enhanced growth, innovation, and value for our customers.”

Scott added that Shaun was selected given his deep understanding of the medical device industry and his expertise in finance for global businesses. He also has a proven track record in operations, logistics, engineering project management, and managing high-performing technical teams.

Most recently, Shaun was CFO at SomaLogic. He also served as CFO for Cantel Medical, now part of Steris, and in senior financial positions at Medtronic and IDEX Corporation. Shaun is a veteran of the U.S Navy, serving as an officer at sea and managing large technical projects. He earned an MBA from Indiana University’s Kelley School of Business, a master’s degree in applied physics from the Naval Postgraduate School, and an economics degree from the University of Minnesota.

“I am excited to join Intricon during this important period in the company’s transformation,” said Shaun. “Intricon is well-positioned to drive meaningful growth in its sensor-driven medical device business. I look forward to partnering closely with the leadership team and finance organization to enhance Intricon’s unique value proposition and execute its growth strategy.”

About Intricon

For four decades, Intricon has improved and extended people’s lives by developing and manufacturing sensor-driven micromedical devices. Intricon partners with medical device companies, providing unique microelectronic expertise — including miniature molding through final assembly – and regulatory guidance, supply chain optimization, and scalable production, exclusively for the medical market. Intricon brings the world’s smallest, smartest new and next-generation devices to life.

Intricon will open first facility dedicated to production of sensor-driven medical devices in Costa Rica

ST. PAUL, Minn. (Aug. 10, 2023) – Intricon announced its plans to open the first facility in Costa Rica dedicated to the development and manufacturing of medical devices that incorporate microelectronics, biosensors, and electromagnetic navigation (EMN) sensors. The company, based in Minnesota with six other locations worldwide, will provide advanced circuit board and surface-mount assembly, custom molding, device assembly, and packaging for medical device original equipment manufacturers.

The Intricon facility, scheduled to open in 2024, will be in the Evolution Free Zone, Grecia, which is Costa Rica’s new extension to its growing medical device infrastructure. It will house world-class manufacturing technology and equipment in 35,000 square feet with adjacent options to grow to over 150,000 square feet. Costa Rica expands Intricon’s global footprint; the company will have 280,000 square feet across seven strategic locations in four countries, diversifying its supply chain and global team to produce sensor-driven medical devices as time and cost-efficiently as possible.

“Companies need the increased capacity and deep expertise Intricon brings to help them meet the growing demand for sensor-driven devices as non-invasive, data-driven healthcare becomes a reality,” said Scott Longval, Intricon chief executive officer. “When it comes to these devices, Intricon has done it all and seen it all, so we can reduce and eliminate risk while accelerating commercialization.”

One of the first key hires at Intricon Costa Rica is Jorge Herrera, site manager, to lead design and construction of its project. Herrera has been integral in building out operations in Costa Rica for major technology and medical device companies.

Intricon has also added Sofia Vargas, business development manager, who joins the company from CINDE, the private investment promotion agency of Costa Rica that guided Intricon through the site selection process. Vargas has extensive experience working with some of the world’s largest medical device companies to enter Costa Rica and connect them through partnerships and collaborations to further grow their businesses and serve customers.

In the latter half of 2024, Intricon will add production jobs and expects to eventually employ up to 150 people at the new site, who will become part of its existing global team with deep expertise and exclusive focus on sensor-driven devices for medical applications. According to Longval, the recently announced US-Costa Rica partnership around the Chips Act, intended to improve supply chain resiliency, further underscores the importance of Intricon’s entrance into the region.

Manuel Tovar, the Minister of Foreign Trade in Costa Rica, highlighted, “In recent years, medical devices have become our main export product, making the country a regional leader and a key ally for companies of the life sciences sector. Today, Intricon, a company dedicated to the development of sensor-driven medical devices, joins this dynamic ecosystem of companies of this sector and announces their entry into one of the most innovative parks of Costa Rica, in 2024. We feel extremely proud about this great news and about providing, together with leading companies like Intricon, positive health outcomes to thousands of people worldwide.”

About Intricon

For four decades, Intricon has improved and extended people’s lives by developing and manufacturing sensor-driven micromedical devices. Intricon partners with medical device companies, providing unique microelectronic expertise — including miniature molding through final assembly – and regulatory guidance, supply chain optimization, and scalable production, exclusively for the medical market. Intricon brings the world’s smallest, smartest new and next-generation devices to life.

Padagis Announces the First Launch of an Over-The-Counter Naloxone Nasal Spray in The United States

ALLEGAN, Mich., Aug. 8, 2023 /PRNewswire/ — Padagis LLC, a leading provider of specialty pharmaceuticals, has launched the country’s first over-the-counter (OTC) Naloxone HCl Nasal Spray. Naloxone is a medication that is designed to rapidly reverse the effects of opioid overdose. It is a life-saving product that, until now, has only been available as a prescription-labeled drug.

PADAGIS® Naloxone HCl Nasal Spray, 4 mg, will be available on store shelves and at online retailers so that anyone can purchase it without a prescription. It contains the same active ingredient and same dose of active ingredient as NARCAN® Naloxone HCl Nasal Spray, 4 mg.

Padagis President Pamela Hoffman stated “Padagis is committed to fighting the battle against opioid overdoses and is excited to be the first to deliver naloxone nasal spray over-the-counter in the U.S. We believe this is an important step to increasing accessibility of the product and helping save lives across the country.”

NARCAN® is a trademark of Emergent Operations Ireland Limited. PADAGIS® Naloxone HCl Nasal Spray and NARCAN® HCl Nasal Spray are opioid antagonists indicated for the emergency treatment of known or suspected opioid overdose, as manifested by respiratory and/or central nervous system depression. PADAGIS® Naloxone HCl Nasal Spray is not a substitute for emergency medical care and repeat dosing may be necessary. Use as directed. Annual market sales for NARCAN® Naloxone HCl Nasal Spray 4mg were approximately $257 million in the 12 months ended May 2023 as measured by IQVIA.

About Padagis

Padagis is dedicated to improving the well-being of patients and consumers by providing high quality, affordable, specialized healthcare products. The company is a leading provider of extended topical and other specialty pharmaceuticals to its primary markets of the United States and Israel. Padagis employs over 1,300 people worldwide. Visit Padagis online at (http://www.padagis.com).

SOURCE Padagis

Veranova appoints Mike Riley as Chief Executive Officer

Wayne, PA – Veranova announced today the appointment of Mike Riley as the company’s Chief Executive Officer. In this capacity, Mr. Riley will assume responsibility for Veranova’s global business, effective Monday, May 8, and will report directly to the Veranova Board of Directors (the Board).

Over the past two years, Niek Stapel has led the business through its sale from Johnson Matthey (LSE: JMAT) to Altaris, LLC (collectively with its affiliates, “Altaris”) and subsequent re-branding and launch as Veranova. Altaris and the Board thank Mr. Stapel for his service and contributions to Veranova through a period of significant change and transition, and wish him well in his future endeavors.

Mr. Riley is a seasoned executive, with over 25 years of professional experience, of which nearly 19 years have been spent in the pharmaceutical contract development and manufacturing operations (CDMO) industry building, leading, and growing global businesses. Most recently, Mr. Riley served at Catalent, Inc. (NYSE: CTLT) as President of the Biotherapeutics business, a multi-site business unit with 6,500 employees and revenue over $1B.

Mr. Riley’s extensive knowledge of the life-sciences and CDMO industry, experience delivering innovative solutions to the pharmaceutical industry, and his proven track record of growing businesses make him ideally suited to lead Veranova as it prepares for its next phase of growth. The Board welcomes Mr. Riley and is excited about working with him to continue to build Veranova into a world-class CDMO.

About Veranova
Veranova is a global leader in process development and manufacturing of APIs, with a focus on specialty and complex products. Veranova is headquartered in Wayne, PA and has operations in North America, Europe and Asia.

About Altaris
Altaris is a healthcare investment firm with an exclusive focus on building companies that deliver value to the healthcare system through innovation and efficiency. Since inception in 2003, Altaris has invested in 50 healthcare companies which have generated significant value appreciation for investors. Altaris is headquartered in New York City and manages approximately $5.0 billion of equity capital. For more information, please visit www.altariscap.com