Shares of Zomedica (ZOM 1.63%) climbed on Monday after the veterinary health specialist announced a key hiring. As of 2:15 p.m. EDT, the stock's price was up more than 3% after rising as much as 9.3% earlier in the day.
Greg Blair will take on the role of vice president of business development. He will lead the company's acquisition and licensing efforts, as Zomedica seeks to expand its business.
Blair previously served in leadership positions at several healthcare companies, including Eli Lilly, Johnson & Johnson, and Intuitive Surgical. "Greg has the exact combination of industry knowledge, transactional experience, unlimited energy, and commitment to excellence needed to help bring Zomedica to the next level," CEO Robert Cohen said in a press release.
Zomedica also said that Dr. Stephanie Morley, president and chief medical officer, will be stepping down. "As part of the original founding team who created the vision of Zomedica, Dr. Morley's accomplishments on behalf of the company are numerous and significant," Cohen said. "All of us at Zomedica are appreciative of her efforts and wish her the very best as she continues to expand her horizons."
Morley will continue to provide guidance to Zomedica's leadership team as a consultant.
Zomedica announced the first sale of its promising Truforma veterinary diagnostics system for cats and dogs on March 16. Cohen said Zomedica will now use its hefty cash reserves to ramp up its Truforma-related commercialization initiatives, as well as to diversify its revenue sources.
"As disclosed in our first-quarter financials, Zomedica had a cash and cash equivalents balance of approximately $276.6 million as of March 31, 2021," Cohen said. "To complement our Truforma product platform and to accelerate the growth of Zomedica overall, we intend to opportunistically invest to expand our product offerings, technologies, and product development efforts."