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TAMPA - Wellgistics Health, Inc. (NASDAQ:WGRX) announced Monday the return of Prashant Patel as President and Interim CEO, just two months after his resignation from the pharmaceutical distribution company in August 2025. The announcement comes as the company’s stock trades near its 52-week low of $0.61, having declined over 77% in the past six months.
The company also named Eric Sherb as Interim CFO and appointed three new members to its Board of Directors: Donald Fell, Steven D. Lee, and Howard Doss. The appointments coincide with the departures of CEO Brian Norton, CFO Mark DiSiena, and COO Tony Madsen from executive management, according to a company press release.
Board members Rebecca Shanahan and Michael Peterson have also left the company.
Patel, a registered pharmacist, previously served as Director, Chief Strategy Officer and Vice Chairman at Wellgistics from 2023 until August 2025. Sherb joins with 16 years of accounting experience, having recently served as CFO for Scienture Holdings (NASDAQ:SCNX).
"As we focus our execution strategy to fit our capital position, we are excited to see Mr. Prashant Patel return to Wellgistics to rationalize our portfolio," said Wellgistics Health Chairman Suren Ajjarapu.
Patel stated he intends to "streamline and focus the operations to drive new unique revenue opportunities for pharmacies" as part of his leadership agenda.
Wellgistics Health describes itself as a pharmaceutical distribution company with an integrated platform connecting 6,500 pharmacies and 200 manufacturers, offering wholesale distribution and AI-powered services. With a market capitalization of $60.21M and gross profit margins of just 8%, the company faces significant operational challenges. Get deeper insights and 10+ additional ProTips for WGRX with InvestingPro.
In other recent news, Wellgistics Health, Inc. has announced a public offering of 7,142,862 shares of common stock, along with warrants at a combined price of $0.70 per share. The company aims to raise $5 million through this offering, with the warrants set to be immediately exercisable and expiring in five years. Additionally, Wellgistics Health revealed a strategic partnership with TheracosBio to enhance the accessibility and affordability of the diabetes medication Brenzavvy across the United States. This collaboration will leverage Wellgistics Health’s extensive distribution network. The company also reported significant executive changes, with the resignations of its CEO, COO, and CFO. Further board changes were noted, including the removal of two directors by stockholders holding a majority of the company’s common stock. These developments are indicative of a period of transition and strategic realignment for Wellgistics Health.
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