MONTREAL, Quebec - Velan Inc. annoucned as part of the planned succession of the Company`s finance department, the appointment today of Rejean Ostiguy as its new Chief Financial Officer (CFO). He will be a key member of the company’s senior management team and is succeeding John Ball, who has been effectively carrying out his mandate as CFO since June 1, 2005. Ostiguy will report directly to Yves Leduc, CEO, and the Chair of the Audit Committee of Velan Inc.

Ostiguy pursued an impressive career in the finance departments of various industries, namely at Bombardier Recreational Products Inc (“BRP”) and more recently at Knowlton Development Corporation (“KDC”). He has held successive senior leadership roles with increasing responsibilities in Finance, where he has gained a deep knowledge and experience in finance and accounting, as well as corporate re-structuring and acquisitions. Since his joining the Company in August 2019, Ostiguy worked closely with John Ball to transition in his new role. Mr. Ball will continue to support the Company as Executive Vice President, Global Finance, reporting directly to Yves Leduc, CEO of Velan Inc. Among other responsibilities, he will be focusing his work on the Company`s overseas subsidiaries.