Aceto Corp. has named a pharmaceuticals executive as a new candidate for its board, the Port Washington chemical supplier's chief executive said in a Monday filing with the Securities and Exchange Commission.
The choice of Natasha Giordano, 51, as an independent director candidate is in line with Aceto's recent strategic emphasis on finished-dosage generic drugs as opposed to its mainstay of bulk chemicals.
The changes at Aceto, under chief executive Albert Eilender, come after a rocky stretch as the company's stock lost more than a third of its value this year. It has a market capitalization of $152 million and had net income of $8.9 million on revenue of $412.4 million in the past year.
Early Tuesday Aceto's share price was only lightly traded in early market reports, down $0.04 to $5.70.
The full Aceto board will vote on Giordano's nomination at its Dec. 8 annual meeting. She is president and chief executive of Xanodyne Pharmaceuticals, with principal offices in Mount Arlington, N.J., and Newport, Ky. A registered nurse, she has more than 20 years of senior leadership experience in a range of business segments in the drugmaking industry with Cegedim Dendrite, Parke-Davis/Pfizer and Parke-Davis/Warner-Lambert, according to her bio on the Xanodyne website.
Eilender in June announced Aceto's plans to shift focus more closely on its own lines of generic pharmaceuticals to be sold through Rising Pharmaceuticals Inc., which Aceto bought in December. Rising sells dozens of products including alprazolam, a generic form of Xanax, and such over-the-counter items as Floranex, containing lactobacillus acidophilus.
Eilender said Aceto's shift toward health-related products was behind Giordano's nomination, along with the company's choices of Sal Guccione as president and chief operating officer; Nicholas Shackley as active pharmaceutical ingredients; and Frank DeBenedittis as senior vice president for business development.
In addition to the health care and pharmaceuticals business, Aceto says it also plans to emphasize its lines of agricultural protection chemicals.
Photo: Aceto chief executive Albert Eilender.
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