The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is heading north during early afternoon trade on Monday.
This follows the company's latest announcement regarding a key appointment to its senior management team.
At the time of writing, the biopharmaceutical company's shares are rocketing 5.81% to $1.275.
Paradigm appoints new CEO
Investors are pushing Paradigm shares higher after the company bolstered its management team with an experienced pharmaceutical industry executive.
In its release, Paradigm advised it has appointed Marco Polizzi as its full-time CEO, effective 1 July 2022.
Mr Polizzi is set to replace Dr Donna Skerrett who is currently serving as the company's interim CEO.
Moving forward, Dr Skerrett will continue her role as chief medical officer in overseeing the global phase 3 clinical programs for Zilosul.
Incoming CEO Mr Polizzi, brings a wealth of knowledge to the senior leadership team, with 30 years' experience in the pharmaceutical industry. This includes the creation of new divisions within branded and generic pharmaceutical businesses.
In these roles, Mr Polizzi attained exceptional sales results, forged a multitude of licenses, asset purchases, and other agreements with multiple top 10 global pharmaceutical companies.
Furthermore, he has a proven track record stemming from several successful business and product launches in the United States.
Mr Polizzi developed a new Institutional (Hospital & Specialty Markets) business unit at Sandoz. This resulted in the growth of $900 million, while directing all commercial functions for the Bivalirudin product launch. The latter achieved $100 million+ sales in its first year.
Management commentary
Paradigm chair, Paul Rennie touched on the new appointment, saying:
We expect that Marco's, broad expertise will lead Paradigm in attaining its strategic program objectives and increase shareholder value.
Paradigm has been seeking a CEO with the skills to fully unlock the commercial value of the company.
Marco brings to Paradigm extensive US pharmaceutical experience, a pharmaceutical industry network, operational excellence, transactional expertise, product launch and product pricing and reimbursement experience.
We are confident that this experience will provide significant development and commercial value to Paradigm.
Marco will commence his tenure with Paradigm on 1 July 2022. He will be based in the United States and travel to Australia, Europe and Asia as required.
Paradigm share price review
Over the past 12 months, the Paradigm share price has continued to fall, reflecting a 40% loss for the period.
When looking at 2022, the company's shares are down roughly 32%.
Based on today's price, Paradigm commands a market capitalisation of around $261.74 million.
