DMC adds biopharma exec to board

BROOMFIELD — Oilfield equipment maker DMC Global Inc. (Nasdaq: BOOM) has appointed longtime life sciences executive Michael Kelly to its board. Kelly is currently president of Sentry Hill Partners, an investment outfit in the life sciences sector. Prior to that, he spent 14 years with biopharmaceutical giant Amgen Inc. (Nasdaq: AMGN) as a vice president and twice served as acting chief financial officer. He is also an independent board member of immunotherapy developer Hookipa Pharma Inc. (Nasdaq: HOOK) and cancer genetics tester NeoGenomics Laboratories Inc. (Nasdaq: NEO). “Michael is widely regarded as a talented and innovative executive, and we are honored he has joined the DMC board,” DMC CEO Kevin Longe said in a statement. The appointment comes days after DMC reported a dismal 61% drop in year-over-year sales last quarter and a loss of $8 million, and a 264-person layoff. Demand for new drilling and fracking equipment fell dramatically as the stay-at-home orders due to COVID-19 contributed to an existing global supply glut of oil, and the fragile financing environment led many oil producers to cut their new well developments to save cash. In Colorado alone, the number of operating rigs fell from 22 at the start of the year to just four in May. © 2020 BizWest Media LLC
Source: BizWest

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