Cheshire, UK -- (MARKET WIRE) -- April 26, 2007 --
Protherics PLC
Board changes and trading update
London, UK; Brentwood, TN, US; 26 April 2007 - Protherics PLC ("Protherics" or
the "Company"), the international biopharmaceutical company focused on critical
care and cancer, announces a number of changes to its Board and provides a
trading update to the market.
Barry Riley has notified the Board that he intends to step down as Finance
Director in August 2007. He will be succeeded by Rolf Soderstrom, currently a
Divisional Finance Director of Cobham Plc, the GBP2.4 billion aerospace and
defence business, who will join the Board as Finance Director upon Barry's
departure.
Barry Riley, 58, joined Proteus International PLC in 1995 as Finance Director,
and was instrumental in its merger with Therapeutic Antibodies Inc to create
Protherics PLC in 1999. Barry has overseen a number of M&A and capital market
transactions including the GBP38 million fundraising announced in December 2006
and has helped provide the Company with a solid platform for growth.
Rolf Soderstrom, 41, has been a Divisional Finance Director of Cobham Plc since
January 2004, with finance function responsibility for an international
portfolio of companies with combined annual revenues of GBP400 million. Prior to
that, he was Director of Corporate Finance at Cable & Wireless Plc with
responsibility for capital market transactions, mergers and acquisitions and
working capital management. Rolf qualified as a Chartered Accountant with
Deloitte Haskins and Sells and worked in the Corporate Recovery and Corporate
Finance departments of Coopers & Lybrand and PricewaterhouseCoopers.
Protherics also announces today that Saul Komisar, President of Protherics Inc,
has been promoted to the Board as an executive director, with immediate effect.
Saul Komisar, 38, joined Protherics in 1996, and is responsible for Protherics'
US operations. Prior to joining Protherics, he spent six years working in
corporate finance specialised in the healthcare industry. Saul holds an MBA from
The Owen Graduate School of Management at Vanderbilt University. Saul brings
significant knowledge and experience of the US commercial environment as the
Company continues to expand its operations in the US.
Protherics also provides a trading update today. Trading for the financial year
ending 31 March 2007 is expected to be in-line with expectations, and includes a
GBP10 million CytoFabTM milestone from AstraZeneca, payment of which has now been
received.
Stuart Wallis, Chairman of Protherics, said:
"Barry Riley has played a crucial role in transforming Protherics from an early
stage biotechnology company to an international biopharmaceutical business with
a diversified, late-stage product portfolio. The Board and I would like to
thank him for his important contribution to the business and wish him well for
the future.
"I would like to welcome Rolf and Saul to the Board. Rolf has an excellent
track record in many aspects of finance with a number of blue chip organisations
and will play a key role in Protherics' aggressive growth plans over the coming
years. Saul's promotion reflects the strong contribution he has made to our
North American business over the last few years, and our increasing presence in
this vital market."
There are no further details relating to the appointment of Rolf Soderstrom or
Saul Komisar that are required to be disclosed pursuant to paragraph 9.6.13
(1-6) of the Listing Rules.
| Ends |
For further information please contact:
Protherics
Andrew Heath, CEO +44 (0) 20 7246 9950
Nick Staples, Director of Corporate Affairs +44 (0) 7919 480510
Saul Komisar, President Protherics Inc +1 615 327 1027
Financial Dynamics - press enquiries
London: Ben Atwell, David Yates +44 (0) 20 7831 3113
New York: John Capodanno, Jonathan Birt +1 212 850 5600
Or visit
www.protherics.com
Notes for Editors:
About Protherics
Protherics (LSE: PTI, NASDAQ: PTIL) is a leading biopharmaceutical company
focused on the development, manufacture and marketing of specialised products
for critical care and cancer.
Protherics has developed and manufactures two biologics for critical care which
are FDA approved and currently sold in the US: CroFabTM, a pit viper antivenom
and DigiFabTM, a digoxin antidote. The Company's strategy is to use the
revenues generated from its marketed and out-licensed products to help fund the
advancement of its broad, late stage pipeline.
Protherics has two major development opportunities in its critical care
portfolio. CytoFabTM is being developed by AstraZeneca, for the treatment of
severe sepsis, after a major GBP195 million ($340 million) licensing deal with
AstraZeneca in December 2005. An additional, expanded phase 2 programme is
planned to start in 2007. In addition, Protherics is currently undertaking a
phase 2b study with Digoxin Immune Fabs for the treatment of pre-eclampsia. This
study is expected to report in the first quarter of 2007.
Protherics has a pipeline of four novel cancer products in clinical development,
where it intends to undertake their sales and marketing in the US and EU.
Protherics is preparing to submit a BLA in the US for VoraxazeTM, an adjunct to
high dose methotrexate therapy.
Protherics has a strong cash position, having completed a GBP38 million equity
fundraising in December 2006 and having recently received a GBP10 million
milestone payment from AstraZeneca.
With headquarters in London, the Company has approximately 260 employees across
its operations in the UK, US and Australia.
For further information on Protherics or its products please visit
www.protherics.com
Disclaimer
This document contains forward-looking statements that involve risks and
uncertainties, including with respect to Protherics' product pipeline and
anticipated development and clinical trials for product candidates. Although we
believe that the expectations reflected in such forward-looking statements are
reasonable at this time, we can give no assurance that such expectations will
prove to be correct. Given these uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Actual results could
differ materially from those anticipated in these forward-looking statements due
to many important factors, including the factors discussed in Protherics' Annual
Report on Form 20-F and other reports filed from time to time with the U.S.
Securities and Exchange Commission. We do not undertake to update any oral or
written forward-looking statements that may be made by or on behalf of
Protherics.
This information is provided by RNS
The company news service from the London Stock Exchange