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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Phynova | LSE:PYN | London | Ordinary Share | GB00B0YBCM49 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 9224D Phynova Group PLC 22 September 2008 22 September 2008 Phynova Group PLC ("Phynova" or the "Company") New strategic focus, management and board changes to position the Company for future growth and trading update Phynova (AIM: PYN), a leading botanical drug development company, has conducted a major review of its business and today announces a new strategic focus and consequent restructuring of its board of directors ("Board"), with immediate effect. Strategic focus The Board changes set out below will enable Phynova to focus on its two core business areas: the commercialisation of the Company's current drug development pipeline and the development of Phynova's business interests in China. Phynova's pipeline is attracting commercial interest from a number of Western pharmaceutical companies and new potential drug candidates are being identified at an increasing pace. At the same time, the Company is intent on extending its reach in China, both as a source of further drug candidates and a business opportunity to access the rapidly expanding Chinese pharmaceutical market. To reflect the Company's focus on its pipeline development and the growth in its China business, the following four key senior management changes have been made. Board changes John Pool, currently a Non-Executive Director, will become Executive Chairman. John has over 25 years' experience in the life sciences industry. He managed the IPO of the first ever private hospital to be listed onto the market in the UK and founded Proteus International Plc, the first company involved in Computer Aided Drug design, which subsequently listed on the London Stock Exchange. He holds positions on the board of several companies, both private and public. Dr Tony Mills, currently Phynova's Director of Business development becomes CEO of Phynova Limited and will join the Board. He will take responsibility for the commercialisation of the current pipeline, including PYN 17, the lead candidate for the treatment of Hepatitis C, which recently completed Phase I/II trials. Tony has over 30 years' experience in the pharmaceutical industry, starting as a bench scientist with Glaxo and moving into business development with Pitman Moore. He then moved to the IP company BTG, where he was responsible for the successful licensing and commercialisation of many new drugs, and was instrumental in the setting up of Acambis. Robert Miller, will step down as Phynova's CEO to become CEO of Phynova China Limited and remains a member of the Board. Reflecting the Company's focus, he will assume responsibility for managing the current operations in China, including its stake in drug development partner, Botanic Century Beijing Ltd, and the further development of several existing opportunities in the fastest growing pharmaceutical market in the world. Michael Martin FCCA, currently a Non-Executive Director, will join the executive team as Chief Financial Officer, working on a part-time basis. Michael has been a partner in Anvil Partners LLP since 1995 where he specialises in raising finance for management buy-outs and development capital. He previously spent 18 years in investment banking in London, New York, and Paris with Kleinwort Benson and qualified as a chartered accountant with Price Waterhouse. The Executive Directors Robert Miller, Tony Mills and Michael Martin will all report directly to John Pool. The company is also delighted to announce the addition of two new Non-Executive Directors, Steve Harris and Dr Jin Li, who bring with them a broad range of experience from the pharmaceutical and biotechnology industries. Steve Harris has over 40 years' experience in the pharmaceutical industry and has held a variety of positions in both the prescription and consumer healthcare sectors with sales, marketing and general management experience with Merck Sharp and Dohme, Eli Lilly, Boots and Reckitt & Colman (now Reckitt Benckiser). He is currently Chairman of Sinclair Pharma Plc (LSE: SPH), Proteome Sciences plc (AIM: PRM), Cyprotex plc (AIM: CRX) and as a Non-Executive Director of Advanced Medical Solutions plc (AIM: AMS). Dr Jin Li has over 20 years' experience working in the biotechnology and pharmaceutical companies. He currently works as Director of Global Compound Sciences in AstraZeneca R&D, with responsibilities for its corporate compound collection and global computational platforms for drug design. Prior to this, he held scientific and management positions at Protherics PLC. Further information required by Schedule 2 (g) of the AIM Rules is set out below. The current Chairman, Karl Watkin, Bill Doyle, Non-Executive Director, and Steve Marshall, Executive Director will step down from the Board. Edward Blair, Chief Scientific Officer, and Alan Brown, Director of Finance, will leave the Board but will retain their executive roles with the Company. Edward Blair will now report to Tony Mills and Alan Brown will report to Michael Martin, the new Chief Financial Officer. Following the changes set out above, the board will consist of John Pool (Executive Chairman), Robert Miller, (CEO of Phynova China Limited), Dr Tony Mills (CEO of Phynova Limited), Michael Martin (Chief Financial Officer), Steve Harris (Non Executive Director) and Dr Jin Li (Non Executive Director). Trading update In order to satisfy its short and medium term working capital requirements and to pursue potential acquisitions in China, the Board continues to pursue a range of fundraising options with its advisers. Taking into account the proceeds of an R&D tax credit, which the Board expects to receive in December 2008, the Company has sufficient cash resources to fund its operations until the end of January 2009. In addition to the management and Board changes, the Board is making every effort to reduce expenses and conserve cash until a fundraising is completed. John Pool, Executive Chairman of Phynova, said: "I am particularly excited to be taking the role of Executive Chairman of Phynova at this stage in its development. Phynova has many interesting and evolving commercial opportunities. The changes will bring renewed focus to the business and enable its management team to drive the full development of these prospects in the interests of shareholders. The combined experience of the strengthened Board in the pharmaceuticals industry will be invaluable in directing the strategic development of the business. "We have a healthy pipeline that is already generating interest among several companies. Tony's experience in the pharmaceutical industry will be invaluable in ensuring the successful commercialisation of our products. In China, there is great potential for early-stage drug development and working in partnership with Chinese pharmaceutical companies. Robert's expertise and knowledge will be key in driving our future success in this market. "On behalf of the new Board members, I would like to express our gratitude to the outgoing directors Karl, Bill, Steve, Eddie, and Alan for their vision, commitment and dedication to the development of the Company." For further information, please contact: Phynova Group PLC Tel: 01993 880700 John Pool (Executive Chairman) Tony Mills (CEO Phynova Limited) Robert Miller (CEO Phynova China Limited) John East & Partners Limited Tel: 0207 618 2200 John East/Bidhi Bhoma Capital MS&L Tel: 0207 307 5330 Mary Clark/Anna Mitchell Further information required by Schedule 2 (g) of the AIM Rules Ralph Stephen Harris (aged 66) is currently a director of: Andersen Piquet Limited Proteome Sciences Plc Electrophoretics Limited Advanced Medical Solutions Group Plc Symbiotec Consortia Limited Sinclair Pharma Plc Cyprotex Plc In the past five years he has also been a director of: SkyePharma PLC Premier Research PLC GeneMedix PLC Microscience Limited Prophilian PLC ConvPLC Emergent Product Development UK Limited Evans Medial Pensions Limited London Capital Limited Premier Research Group Limited ConvPLC, a company of which Mr Harris was non-executive chairman, was placed into administration on 31 August 2007 with an estimated deficiency to unsecured creditors of £832,638.19 and an estimated deficiency to preferential creditors of £1,600. Jin Li (aged 45) is currently a director of: Chemtechnics Limited In the past five years he has also been a director of: Discovery chemistry Limited Dr Tony Mills (aged 56) has no current or previous directorships (in the past five years) and is the beneficial owner of 23,280 ordinary shares of £0.01 each in Phynova. Mr Harris, Mr Li and Dr Mills have confirmed that there are no other matters to be disclosed in relation to Schedule 2 (g) of the AIM Rules. Notes to editors: About Phynova Phynova is a UK-based, AIM-listed company developing botanical drugs for the treatment of diseases with a major unmet medical need. Phynova's lead drug is PYN 17, for the treatment of the symptoms of chronic hepatitis C. It completed a Phase I/II multi-centre study in late 2007 and a Phase II clinical proof of concept trial is planned. The market for treatment of chronic hepatitis C is predicted to grow from around $2.5 billion in 2006 to nearly $10 billion by 2015. PYN 22 is in late preclinical development for the treatment of the growing problem of the condition known as Non Alcoholic Fatty Liver Disease ("NAFLD"), where fat accumulates in the liver and can lead to cirrhosis and hepatocellular carcinoma. There are no specific drugs for NAFLD which is currently treated using advice on lifestyle and dietary change. PYN 9 is in development for post-operative ileus ("POI") which is a temporary impairment of gastrointestinal motility that is widely seen after abdominal surgery and can lead to discomfort and prolonged hospital stay. A Chinese IND application has been filed by Phynova's Partner in China, Botanic Century (Beijing) Ltd. PYN 6 is a botanical drug candidate that has shown promise in laboratory studies as an antibacterial against MRSA. The drug is currently undergoing formulation as a potential topical treatment for MRSA. It is also active against the acne bacterium, P acnes. PYN 18, a novel antiviral agent, has been confirmed to have activity against the flaviviruses hepatitis C and dengue and is in preclinical development. PYN 7, the cancer drug candidate, has shown promising activity against a range of cancer cells and its mode of action is currently being defined. The Company has operations in the UK and China, including a 45% stake of Botanic Century Beijing Ltd., a specialist drug development company based in Beijing. For more information, please visit www.phynova.com About Botanical Drugs Botanical drugs are extracts of plants that comprise polymolecular mixtures which simultaneously affect multiple pharmacological targets. In 2004 the FDA addressed the regulation of botanical drugs by issuing its "Guidance for Industry: Botanical Drug Products" (http://www.fda.gov/cder/guidance/4592fnl.htm.) Phynova believes that such a therapeutic approach will provide high clinical efficacy that will offer advantages over traditional single compound based therapies. Phynova believes botanical drugs offer an extremely cost effective way to bring new drug candidates forward for clinical study. There are around 200 INDs open for botanical drug candidates in the US and in 2006 the FDA approved the first botanical drug (Medigene's 'Veregen' for the treatment of papillomavirus warts). This information is provided by RNS The company news service from the London Stock Exchange END BOADKLFFVKBFBBF
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