Latest news with #LouisLaflamme
Cision Canada
29-05-2025
- Business
- Cision Canada
LSL PHARMA GROUP REPORTS RECORD REVENUES AND FIRST QUARTER 2025 RESULTS
Filed 6 new Eye-care products with Health Canada 5 th consecutive positive EBITDA performance BOUCHERVILLE, QC, May 29, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV: LSL) (the " Corporation" or " LSL Pharma"), a Canadian integrated pharmaceutical company, today reported record quarterly revenues and its financial results for the first quarter of its 2025 fiscal year, ended March 31, 2025, with comparable results for the prior year ("Q1-25" and "Q1-24"). All amounts are presented in thousands of Canadian dollars. Q1-25 vs Q1-24 Record quarterly revenues of $6.6 million compared to $4.2 million, up 59%; CMO revenues of $5.7 million compared to $1.4 million, up 300%; Eye-care revenues of $0.9 million compared to $2.7 million, down 68%; Operating Profit was $0.4 million, up 150%; Net loss of $0.2 million, down 44%; Adjusted EBITDA of $0.9 million compared to $0.5 million, up 79%. Corporate Development Completed the purchase of a new state-of-the-art manufacturing line to increase production capacity at the Steri-Med Pharma plant and facilitate the development of new Eye-care products; Appointed Mr. Louis Laflamme to its board of directors. Mr. Laflamme was President, CEO and director of OpSens Inc. (TSX: OPS) from January 2013 to March 2024 prior to its acquisition for $345 million. Subsequent to the end of Q1-25 Entered into two strategic agreements to expand the Eye-Care pipeline with up to ten (10) new eye-drop products; Completed the regulatory filing of six (6) new Eye-care products with Health Canada to expand its Eye-care product portfolio; Subsequent to the end of the quarter, the Corporation was notified of a court ruling against LSL Laboratory Inc. regarding a dispute over certain costs related to the building and relocation of its plant in 2022. The amount of the ruling amounts to $0.3 million plus interest. The Corporation intends to vigorously contest this ruling and is currently assessing its rights to appeal the court decision. Should the Corporation be required to pay any amount under this claim, such amount would be capitalized as leasehold improvement representing an addition to our long-term assets. "Q1-25 was another great quarter for LSL Pharma. The Dermolab Pharma and Virage Santé acquisitions have been fully integrated into our CMO platform and providing material impact on our results", mentioned Francois Roberge, President and CEO of LSL Pharma. "Our Eye-care operations, a strategic priority, have already met several key milestones since the start of the year with 1) significant progress for securing FDA approval to manufacture Avaclyr and other products for the US market, 2) filing of 6 new eye-care products with Health Canada, and 3) initiated the installation of our new $1.7M state-of-the-art ointment filing line", added M. Roberge. "Both Virage Santé and Dermolab contributed a full quarter in Q1-25 and helped LSL Pharma reach record quarterly revenues, including a significant 4-fold increase of our CMO revenue. We achieved a 59% increase of our total revenues despite a 68% decline for our Eye-care segment which benefited from non-recurrent revenues in Q1-24. Q1-25 results provide a solid base for the next phase of our development to drive continuous financial performance improvement in the coming quarters" said Luc Mainville, Executive Vice-president and CFO of LSL Pharma. First Quarter Financial Results – Three-Month Period Ended March 31, 2025 Change Q1-25 Q1-24 $ % Revenues CMO 5,748 1,438 4,310 300 % Eye-Care 877 2,725 (1,848) -68 % Total Revenues 6,625 4,163 2,462 59 % Gross profit (loss) 2,106 1,146 960 84 % Adjusted Gross Profit 2,542 1,480 1,062 72 % SG&A (1,659) (967) (692) 72 % Operating Profit 447 179 268 150 % Share-based Compensation (14) - (14) 100 % Financial Expenses (588) (459) (129) 28 % Net loss (155) (280) 125 -45 % EBITDA 904 513 391 76 % Adjusted EBITDA 918 513 405 79 % ADJUSTED GROSS PROFIT RECONCILIATION Change Q1-25 Q1-24 $ % Revenues 6,625 4,163 2,462 59 % Gross profit 2,106 1,146 960 84 % Gross profit as % of revenues 31,8 % 27,5 % 4,3 % (+/-) Adjustments Depreciation and amortization 436 334 102 31 % Adjusted Gross Profit 2,542 1,480 1,062 72 % Adjusted Gross Profit as % of revenues 38,4 % 35,6 % 2,8 % ADJUSTED EBITDA RECONCILIATION Change Q1-25 Q1-24 $ % Net loss (155) (280) 125 -41 % Finance expense, net 588 459 129 27 % Depreciation and amortization 471 334 137 44 % EBITDA 904 513 391 78 % % of revenues 13,6 % 12,3 % 1,3 % (+/-) Adjustments Stock-based compensation 14 - 14 100 % Adjusted EBITDA 918 513 405 79 % % of revenues 13,9 % 12,3 % 1,5 % Adjusted Gross Margin, EBITDA, and Adjusted EBITDA are non-IFRS measures and do not have any standardized meaning under IFRS. As a result, the information presented may not be comparable to similar measures presented by other companies. Refer to Non-IFRS Financial measures for additional details. Revenues - The Corporation delivered record quarterly revenues in Q1-25, at $6.6 million, up 59% compared to Q1-24. Due to the addition of revenues from Dermolab and Virage Santé, both acquired last year, CMO revenues quadrupled at $5.7 million in Q1-25 compared to $1.4 million for Q1-24, a 300% increase. Also, CMO revenues benefited from the growth in revenues at LSL Laboratory which is now leveraging the capital investments made over the last 2 years for expanding its service offering and capacity. Revenues from the Eye-care division were down 68% during Q1-25 compared to Q1-24. Last year, Q1-24 revenues benefited from important non-recurrent sale of products to the US under an FDA exemption due to a local shortage of Erythromycin (the "US Shortage"). Such sales ended in Q1-24. Adjusted Gross Profit for Q1-25 after eliminating the impact of depreciation and amortization, stood at $2.5 million, a 72% increase over Q1-24. Adjusted Gross Profit benefited from the contribution of Dermolab and Virage Santé for the full quarter. The increased production at all 4 sites also contributed to improve gross profit as the plants were able to increase production compared to last year. SG&A expenses for Q1-25 were $1.7 million compared to $1.0 million in Q1-24, a 72% increase, mainly due to the addition of Dermolab and VSI. The increase in SG&A expenses was in line with the increase in revenues. We expect SG&A expenses to decrease as a % of total revenues going forward. Operating Profit - LSL Pharma generated operating profits in Q1-25 at $0.4 million compared to a $0.2 million last year. The $0.3 million, or 150% improvement was due to the strong increase in revenues, and increased production for all 4 sites. Financial Expenses for Q1-25 were 28% higher than Q1-24. Despite the conversion and repayment of several debt/loans during the year, financial expenses for Q1-25 were impacted by the increased expenses on lease facilities as the LSL Laboratory, addition of the Dermolab lease starting December 2024. Several initiatives were taken during last year to reduce the cost of carrying our various loans and debts. These initiatives should help reduce our cost of capital for the upcoming year. Net loss - For the Q1-25 period, the Corporation reduced its net loss by 45% compared to Q1-24 at $0.2 million. The Quarter-over-Quarter performance was due to an increase in gross profit between the periods derived from the strong increase in revenues which more than offset the increase in SG&A and financial expenses. EBITDA for Q1-25, after eliminating the impact of financial expenses, depreciation and amortization was $0.9 million compared to $0.5 million for Q1-24, representing a strong 76% increase. Adjusted EBITDA - After eliminating share-based compensation, and other non-recurrent items, Adjusted EBITDA for Q1-25 was a $0.9 million profit compared to $0.5 million for Q1-24 representing a 79% improvement. Selected Balance Sheet items Change As at the end of the period Q1-25 YE-24 $ % Current assets 17,693 15,376 2,317 15 % Fixed assets 22,941 22,939 2 0 % Intangible assets 13,430 13,272 158 1 % Total assets 55,987 53,510 2,477 5 % Current liabilities 11,721 9,652 2,069 21 % Long-term notes payable 3,629 3,621 8 0 % Long-term debt excluding lease liabilities 9,604 8,903 701 8 % Total Liabilities 31,236 28,618 2 618 9 % Shareholders' equity 24,751 24,892 (141) -1 % Current assets increased by 15% at the end of Q1-25 compared to YE-24. The $2.3 million increase comes mainly from a $2.6 million increase in inventory, partly offset by a decrease in cash, accounts receivable and prepaids. Our inventory level at the end of Q1-25 reflects the increase in operating and commercial activities during quarter compared to the last portion of FY-24. Total Assets increased by 5% at the end of Q1-25 compared to YE-24, a $2.5 million increase in line with the increase in short-term assets plus a nominal increase in intangible assets as the Corporation kept investing in its Eye-care product pipeline. Current liabilities have increased by $2.1 million in Q1-25 with accounts payable increasing by $1.2 million, the addition of a $0.75 million note and $0.6 million of other liabilities, partly offset by a $0.3 million decrease in the short-term portion of LTD. The increase in short-term liabilities was in line with the increase in short-term assets. Long-term notes payable and long-term debt excluding lease liabilities increased by $0.7 million between YE-24 and the end of Q1-25 reflecting further advances from Finacces Capital, and extension of some equipment loans. Total liabilities increased by 9% at the end of Q1-25 compared to YE-24. The increase in total liabilities resulted mainly from the increase in short-term liabilities. Shareholders Equity decreased slightly in Q1-25, reflecting the nominal loss for the period. Financial Statements and MD&A LSL Pharma Group's unaudited financial statements and Management's Discussion and Analysis for Q1-25 are available on SEDAR+ at and on the Corporation's website. Caution regarding forward-looking statements This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward looking statements include estimates and statements that describe the Corporation's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "believe", "aim", "plan" "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents. Readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that any of the events referred to in the forward-looking statements will transpire, and if any of them do, the actual results, performance or achievements of the Corporation may differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About LSL Pharma Group Inc. LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing, and marketing of high-quality sterile ophthalmic pharmaceuticals, as well as cosmetic, pharmaceutical, and natural health products in solid, semi-solid and liquid dosage forms. For further information, please visit the Corporation's website Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Groupe LSL PHARMA INC.
Cision Canada
01-05-2025
- Business
- Cision Canada
LSL PHARMA GROUP REPORTS ITS FOURTH QUARTER AND YEAR-END 2024 RESULTS
BOUCHERVILLE, QC, May 1, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV: LSL) (the " Corporation" or " LSL Pharma"), a Canadian integrated pharmaceutical company, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2024 ("Q4-24" and "FY-24"). All amounts are presented in millions of Canadian dollars. FY-24 vs FY-23 Total revenues were $17.7 million compared to $10.0 million, up 77%; CMO revenues more than doubled at $10.5 million compared to $4.9 million; Eye-care segment revenues grew from $5.2 million to $7.2 million, a 40% increase; Operating Profit was $0.8 million compared to a $2.0 million operating loss; Net income of $3.3 million compared to a $8.5 million net loss, a $11.8 million improvement; EBITDA of $6.8 million compared to EBITDA loss of $5.5 million; Adjusted EBITDA of $2.4 million compared to Adjusted EBITDA loss of $0.6 million, up $3.0 million. Q4-24 vs Q4-23 Total revenues were $5.4 million compared to $3.5 million, up 56%; CMO revenues tripled at $4.3 million compared to $1.4 million; Eye-care segment reported revenues of $1.1 million, down 47%; Operating Profit was $0.3 million compared to a $0.7 million operating loss; Net income of $4.5 million compared to a $1.3 million net loss, up $5.8 million; EBITDA of $5.6 million compared to an EBITDA loss of $0.5 million; Adjusted EBITDA of $0.8 million compared to Adjusted EBITDA loss of $0.4 million, a $1.2 million improvement. Corporate Development Acquisition of Dermolab Pharma and Virage Santé to expand our CMO activities; Completed 2 private placements for total gross proceeds of $8.2 million to strengthen working capital and balance sheet; Raised new long-term debt totalling $9.0 million to help fund acquisitions; Now reporting revenues by business segments to better reflect the performance of the CMO and Eye-Care operations; Developed new international revenue channels representing revenues of $1.4 million for FY-24; Initiated the development of five new Eye-care products for the Canadian and US markets. Subsequent to year-end Entered into two strategic agreements to expand the Eye-Care pipeline with up to ten (10) new eye-drop products; Secured new loans and other sources of funding for $1.7 million to support our growth; Appointed Mr. Louis Laflamme to its board of directors. Mr. Laflamme was President, CEO and director of OpSens Inc. (TSX: OPS) from January 2013 to March 2024 prior to its acquisition for $345 million; Completed the purchase of a new state-of-the-art manufacturing line to increase production capacity at the Steri-Med Pharma plant and facilitate the development of new Eye-care products; Granted an aggregate of 1,285,000 stock options ("Options") including 1,050,000 to certain officers and directors in accordance with the Corporation's long-term incentive compensation plan. "We are extremely proud of the progress made during the past year. The Dermolab Pharma and Virage Santé acquisitions have helped us broaden the service offering of our CMO platform and reach a level of critical mass to take advantage of our corporate structure by generating commercial and operational synergies", mentioned Francois Roberge, President and CEO of LSL Pharma. "While we continue to work on addressing FDA requirements for the ability to manufacture Avaclyr and other products aimed at the large and lucrative US market, the development of five new ointment products is progressing nicely at Steri-Med. After securing the Canadian commercial rights to ten (10) eye-drop products, the product pipeline of our Eye-care division is expanding rapidly and should provide a material contribution to our growth over the coming years", added M. Roberge. "We have reached record quarterly revenues and net profits in Q4-24 and for the full year 2024. The addition of the two CMO acquisitions, combined with the strong and growing contribution of our other operating units has had a significant impact on our results. During the year, we were successful in raising significant capital to strengthen our balance sheet and fund two accretive acquisitions that will materially impact our results over the coming years", said Luc Mainville, Executive Vice-president and CFO of LSL Pharma. Financial Results The Corporation is now reporting its revenues by business segment with revenues from LSL Laboratory, Dermolab Pharma ("Dermolab"), and Virage Santé ("VSI") now grouped into the CMO segment, and the Steri-Med Pharma ("Steri-Med") revenues presented in the Eye-care segment. The Corporation delivered strong total revenues during the last fiscal year at $17.7 million, representing a 77% increase over the $10.0 million achieved during FY-23. The CMO revenues benefited from the addition of VSI and Dermolab, as well as the increased capacity created at the LSL Laboratory plant. CMO revenues for FY-24 increased 116% over FY-23. Dermolab contributed for one month to the FY-24 CMO revenues while VSI contributed for 7 months. During FY-24, revenues for the Eye-care division increased 40% over FY-23 despite the ending of the US Shortage in Q1-24. During the year 2024, Steri-Med was able to increase production and make products available for new international clients. We expect those sales to continue and increase as a % of total sales of Steri-Med products. Assuming a full year performance for each of VSI and Dermolab on the same basis as their FY-24 contribution, our total revenues would have exceeded $30 million, compared to the $17.7 million delivered in FY-24, and $10.0 million for FY-23. Adjusted Gross Profit for the FY-24 period was $6.8 million compared to $2.9 million for FY-23, a $3.9 million or 134% increase. Adjusted Gross Profit benefited from the contribution of Dermolab, and VSI but more importantly from the increased performance of LSL Laboratory described above. The increased production at Steri-Med also contributed to improve gross profit as the plant was able to increase production to generate more sales and boost inventory levels at year-end. Sales, General and Administrative ("SG&A") expenses were up 24% in FY-24 compared to FY-23. These results fully demonstrate the benefit of centralizing SG&A function at HO as revenue growth for the FY period significantly outpaced SG&A growth at 77% vs 24%. Financial Expenses for FY-24 were slightly higher than prior year periods with a 5% increase. Several initiatives were taken during the year to reduce the cost of carrying our various loans and debts. These initiatives should help reduce our cost of capital for the upcoming year. For the FY-24 period, net income stood at $3.3 million compared to a $8.5 million net loss for FY-23, a $11.8 million improvement. The YoY performance was driven by the strong increase in gross profit derived from the important increase in revenues, a tight control on SG&A and financial expenses. In addition to the above, the most significant factor impacting our results was the $4.9 million gain on business acquisitions that resulted from the acquisition of Dermolab. For the FY-24 period, EBITDA was $6.8 million, up $12.3 million compared to the prior year EBITDA loss of $5.5 million. Same as for the net income and loss, the EBITDA performance was impacted by the stronger operating margins and the gain on business acquisition. For FY-24, the (A) EBITDA was a $2.4 million compared to a $0.6 million (A) EBITDA loss for FY-23, a $3.0 million improvement. The increase in (A) EBITDA in FY-24 compared to the prior year fully demonstrates the improvements of our financial performance as we expand our CMO footprint, continue to take advantage of our operating capacity and leverage our head office with better control over our expenses. Fourth Quarter Financial Results – Three-Month Period Ended December 31, 2024 The Corporation delivered strong total revenues in Q4-24, of $5.4 million, up 56% compared to Q4-23. We achieved this performance despite a drop in revenues from our Eye-care division. CMO revenues tripled at $4.3 million in Q4-24 compared to $1.4 million for Q4-23, a 199% increase. The Dermolab and VSI acquisition contributed to CMO revenues with VSI contributing for the full quarter and Dermolab contributing one month. Also, CMO revenues benefited from the growth in revenues at LSL Laboratory which is now leveraging the capital investments made over the last 2 years for expanding service offering and increasing capacity. Revenues from the Eye-care division were down 47% during Q4-24 compared to Q4-23 despite new international orders for the Steri-Med products. Last year, Q4-23 revenues benefited from important non-recurrent sale of products to the US under an FDA exemption due to a local shortage of Erythromycin. Such sales ended in Q1-24. Adjusted Gross Profit for Q4-24 stood at $1.9 million, a 452% jump over Q4-23. SG&A expenses for Q4-24 were $1.2 million compared to $0.8 million in Q4-23, a 41% increase, mainly due to the addition of Dermolab and VSI. For the Q4-24 period, the Corporation generated net income of $4.5 Million compared to a $1.3 million net loss for Q4-23, a $5.8 million improvement. EBITDA for Q4-24 was $5.6 million compared to a $0.5 million EBITDA loss Q4-23. After eliminating share-based compensation, the gain on business acquisition and other non-recurrent items, (A) EBITDA for Q4-24 was a $0.8 million profit compared to a $0.4 million (A) EBITDA loss for Q4-23 representing a $1.2 million improvement. Balance Sheet and Liquidities As a result of the 2 business acquisitions and continued growth, our current assets have increased by $8.2 million or 114% at YE-24 compared to YE-23 and current liabilities decreased by $5.3 million following a series of financial transactions aimed at strengthening our balance sheet and fund acquisitions. The combination of the above led to a strong $13.6 million improvement of the working capital. Working capital ratio stood at 1.6:1 at YE-24 compared to 0.5:1 at YE-23. Total assets have increased by 73% at YE-24 compared to YE-23, a $22.7 million increase. The increase reflects the investment in working capital to support our growth, the addition of production equipment as well as the acquisitions of VSI and Dermolab which added $1.3 million, and $13.7 million in total assets respectively. Total liabilities increase by 29% at YE-24 compared to YE-23 as a result of the 2 acquisitions. This compares well with the 77% increase in total assets and was made possible by the improvement of the Corporation's performance as well as the series of financial transactions completed during FY-24 aimed at strengthening our balance sheet and fund acquisitions. Financial Statements and MD&A LSL Pharma Group's financial statements and Management's Discussion and Analysis for the fourth quarter and fiscal year 2024 are available on SEDAR+ at and on the Corporation's website. Caution regarding forward-looking statements This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward looking statements include estimates and statements that describe the Corporation's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition, belief, estimate or opinion, or result to occur. Forward-looking statements may be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "believe", "aim", "plan" "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents. Readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that any of the events referred to in the forward-looking statements will transpire, and if any of them do, the actual results, performance or achievements of the Corporation may differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. About LSL Pharma Group Inc. LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing and marketing of high-quality sterile ophthalmic pharmaceuticals, as well as cosmetic, pharmaceutical and natural health products in solid, semi-solid and liquid dosage forms. For further information, please visit the Corporation's website Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Groupe LSL PHARMA INC.
Globe and Mail
31-03-2025
- Business
- Globe and Mail
LSL PHARMA GROUP APPOINTS LOUIS LAFLAMME TO THE BOARD OF DIRECTORS
BOUCHERVILLE, QC , March 31, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV: LSL) (TSXV: (the "Corporation" or "LSL Pharma"), a Canadian integrated pharmaceutical company, is pleased to announce the appointment of Louis Laflamme as a member of the board of directors. "We are delighted to see Louis, a renowned leader in the health industry, join our board of directors. Louis has had success in building OpSens Inc., a revolutionary company in interventional cardiology. His experience with a publicly traded leading global business will be a precious asset for LSL Pharma," said François Roberge, President and CEO. "I am excited to be joining the board of directors of LSL Pharma at such a dynamic phase of the Corporation's growth and evolution. LSL is well positioned to drive adoption in its existing markets for existing revenue lines, while aiming to secure its first U.S. FDA regulatory approval for its sterile ophthalmic products to further capitalize on the U.S. market," said Mr. Laflamme. "I am looking forward to working with the board and management to accelerate and optimize the market opportunities for our products and in doing so, to unlock significant value for our shareholders," he added. Mr. Louis Laflamme is Entrepreneur in Residence for Medtech Ventures Fund of Sectoral Asset Management Inc. Previously, he was President, CEO and director of OpSens Inc. (TSX:OPS) from January 2013 to March 2024 , when it was acquired by Haemonetics for $345 million . During this period, the company revolutionized certain practices in interventional cardiology with medical instruments. From November 2005 to December 2012 , he served as Chief Financial Officer and Corporate Secretary of OpSens. He also serves on the board of directors of SiliCycle, MY01 Inc., Icentia and EMKA SCIREQ Inc. He also held leadership positions in other technology companies. Mr. Laflamme is a member of the Order of Chartered Professional Accountants of Quebec . He holds a Bachelor's degree in Business Administration from Laval University . In connection with Mr. Laflamme's appointment, the Corporation has granted 500,000 share options to Mr. Laflamme in accordance with its Share Option Plan, subject to regulatory approval. The options vest over three years, are issued at an exercise price of $0.37 cents per Class A share and expire ten (10) years from their date of issuance. Upon completion of this grant, a total of 9,030,270 options will have been granted under the plan, representing 7.8% of the Corporation's outstanding Class A shares. The Corporation also announced that it has entered into an agreement with Mr. Laflamme for advisory and consulting services (the " Services Agreement"). Accordingly, Mr. Laflamme will not be considered as an "independent" director of the Corporation, as defined by applicable securities terms and conditions of the Services Agreement were reviewed and recommended for approval by the Corporation's Governance and Compensation Committee, and the independent members of the Board unanimously approved the Services Agreement. ABOUT LSL PHARMA GROUP INC. LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing, and commercialization of high-quality sterile ophthalmic pharmaceuticals, as well as cosmetics products, pharmaceutical products and natural health products in solid, semi-solid and liquid dosage forms. For further information, please visit
