More News...I get the feeling we are going to hear a lot of Mr. Bryden and Pharma Gap in the news. Onward and upward.
Post says PharmaGap investors warm to Bryden
2004-12-13 07:39 ET - In the News
The Financial Post reports in its Saturday edition that Rod Bryden is back. Drew Hasselback, writing in This Week in Business, says the former World Heart chief executive officer just a couple of weeks ago averted personal bankruptcy after reaching a deal with creditors owed about $60-million. This week we learned that Mr. Bryden's new company, SC Stormont, has been given a contract to provide "executive and strategic direction" to biotech firm PharmaGap. Mr. Bryden is perhaps best known for presiding over the bankruptcy of the Ottawa Senators hockey team. Last summer he was replaced as World Heart CEO after a slump in sales and the stock's collapse. Investors were initially underwhelmed with Mr. Bryden's arrival. PharmaGap's stock plummeted 20 per cent on Monday after the company announced the Bryden deal. Maybe the company should have paid Mr. Bryden to stay away instead. Yet investors eventually warmed to Mr. Bryden's presence. The stock easily made up Monday's loss by the end of the week.