Lifecore Biomedical, Inc. announced that its Board of Directors unanimously approved the conclusion of its review of strategic alternatives that was initiated in March 2023, and, concurrently therewith, announced several strategic updates related to its operations on a stand-alone basis. In connection with the conclusion of its strategic evaluation process, the company announced that it has appointed Paul Josephs as the Company?s new President effective on May 20, 2024, upon which date Mr. Josephs is also expected to join Lifecore?s Board of Directors. This transition follows Jim Hall?s announcement of his intent to retire as the Company?s President and as a director of the Board effective upon Mr. Josephs?

commencement. Mr. Hall intends to continue to support the transition for twelve months in an advisory capacity following his retirement. Paul Josephs brings over 30 years of pharmaceutical industry experience to Lifecore, including over 25 years of CDMO experience.

Since 2021, Mr. Josephs served as President & Chief Executive Officer and a member of the Board of Directors at Woodstock Sterile Solutions. Prior to joining Woodstock, Mr. Josephs served as Head of CDMO ? Global Business Development at Viatris (formerly known as Mylan) since 2016 when it acquired DPT Laboratories.

Mr. Josephs? work with DPT Laboratories began in 1997, where he held numerous progressive roles in sales and business development, culminating with a position of Senior Vice President, Sales, Marketing & Corporate Development. He holds a Bachelor of Arts degree from the University of Western Ontario in Canada.

Craig Barbarosh, the Company?s Board Chair, has informed the Board of Directors that he intends to not stand for reelection at the upcoming Fiscal 2023 Annual Shareholders Meeting. The Board has named current independent director, Katrina Houde, as its Chairperson, effective at the upcoming Annual Shareholders Meeting. The resulting Board will be composed of eight members.