Quantum Pharma PLC CEO appointment and Board Changes (9944M)

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RNS Number : 9944M

Quantum Pharma PLC

19 October 2016

 
   19 October 2016 
 

This announcement contains inside information

Quantum Pharma Plc

('Quantum', the 'Group' or the 'Company')

CEO appointment and Board Changes

Quantum Pharma Plc (AIM: QP.), the service-led niche pharmaceutical developer, manufacturer and supplier to the health and care sectors, announces the following changes and proposed changes to its board of directors (the 'Board').

Following a formal search process, and having taken into account the feedback of a number of Quantum's major shareholders who are fully supportive of the strategy to simplify and focus the Group, the Board has today appointed Chris Rigg to the position of Chief Executive Officer ("CEO") on a permanent basis. Chris was appointed to the Board as Chief Financial Officer ("CFO") in March 2016 and has been Acting CEO since 1 August 2016. The Board has commenced a formal search process for a new CFO but, in the interim, as well as permanent CEO, Chris will remain as CFO until a replacement for that role is appointed.

Quantum is also pleased to announce the appointments to the Board of Ian Johnson as non-executive Chairman; Christopher Mills as non-executive Director and Dr John Brown as Senior Independent non-executive Director. The Board has commenced a formal search process for a further non-executive Director. John Clarke and Sheila Kelly, non-executive Chairman and non-executive Director respectively, have resigned from their positions on the Board with immediate effect to focus on other Directorships and new business appointments.

Ian Johnson is an experienced director in the healthcare and life science sector. He was founder and CEO of Biotrace International plc until its sale to 3M in 2006 and is currently Executive Chairman of Bioquell PLC and non-executive Chairman of Cyprotex plc. Ian has also served on the boards of various public and private companies in strategic consultancy and business development capacities including: Celsis International, Evans Analytical Group, MyCelx Technologies Corporation and AOI Medical Inc. Ian is a chartered biologist and a member of the Royal Society of Biology and the Institute of Directors.

Christopher Mills is an experienced non-executive Director. He founded Harwood Capital Management Ltd in 2011, a successor from its former parent company J O Hambro Capital Management Ltd, which he co-founded in 1993. He is Chief Executive of North Atlantic Smaller Companies Investment Trust plc, a Director and Investment Manager of Oryx International Growth Fund Ltd and Chief Investment Officer of Harwood Capital LLP. He is also a non-executive Director of several AIM-listed companies. Christopher was a Director of Invesco MIM, where he was head of North American investments and venture capital and of Samuel Montagu International. Together, North Atlantic Smaller Companies Investment Trust PLC and Oryx International Growth Fund Limited are interested in 13,850,000 Ordinary Shares representing 11.08 per cent. of the entire issued share capital of the Company.

Dr John Brown is an experienced non-executive director who has extensive experience in the life sciences and healthcare sectors. He is Chairman of Kyowa Kirin International and the Cell and Gene Therapy Catapult and a Director of Electrical Geodesics Inc. His board experience includes his roles as Chairman of Touch Bionics Ltd, BTG plc, and Axis-Shield plc, and as a Director of Vectura Group plc, Cambridge Antibody plc and Acambis plc.

Chris Rigg, Quantum's CEO & CFO, said:

"I am delighted to be appointed as Quantum's CEO and would like to thank the Board and our major shareholders for their support. Whilst the Group has faced some challenges in the recent past, the focused and simplified strategy now in place has the potential to drive shareholder value and I look forward to working with Ian, Christopher, John and Quantum's senior management team to deliver this.

"On behalf of Quantum, I would also like to thank John Clarke and Sheila Kelly for their services since the Group's admission to AIM in 2014 and wish them well for the future."

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies. Ian Roy Johnson, age 63 years, has been a director of the following companies during the five years preceding the date of this announcement:

 
 Current directorships   Past directorships 
----------------------  -------------------------------- 
 Biofortuna Limited      Celesis Group Limited 
 Bioquell Plc            Finance Wales Plc 
 Bioquell UK Limited     Lumora Limited 
 Bioxyquell Limited      Mycelx Technologies Corporation 
 Cyprotex plc            Ruskinn Life Sciences Limited 
 Klenitise Limited       Toximent Limited 
 

Companies that went into administration and creditors lost money as a result of liquidation:

-- Pure Options Solutions - Administrators appointed on 30 November 2010. The estimated deficiency to investors and creditors was GBP4.49 million.

Administration ongoing:

-- Toximet Limited - Ian Johnson resigned on 30 April 2015 - Administrator appointed 13 November 2015.

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies. John Robert Brown, age 61 years, has been a director of the following companies during the five years preceding the date of this announcement:

 
 Current directorships       Past directorships 
--------------------------  ---------------------------------- 
 BioCity Nottingham Ltd      Axis-Shield plc Touch Bionics 
                              Ltd 
 Cell Therapy Catapult Ltd   BioIndustry Association 
 Electrical Geodesic Inc     CXR Ltd 
 ProStrakan Group Ltd        Mode Diagnostics Ltd 
 Synpromics Ltd              Scottish LifeSciences Association 
                             Vectura Group plc 
 
 

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies. Christopher Harwood Bernard Mills, age 63 years, has been a director of the following companies during the five years preceding the date of this announcement:

 
 Current directorships                Past directorships 
-----------------------------------  ---------------------------------- 
 62 Pont Street (Freehold)            Academic Research Ltd 
  Limited 
 Agrisense Industrial Monitoring      Alba Investment Properties 
  Limited                              Intermediate Holdings 
                                       Limited 
 Alba Investment Properties           Baltimore Capital PLC 
  Holdings Limited                     (in liquidation) 
 Alba Investment Properties           Baltimore Technologies 
  Limited                              (Holdings) Limited 
 Alternateport Limited                Baltimore Technologies 
                                       (UK) Limited 
 Assetco PLC                          Bionostics Holdings Ltd 
 B&G (Europe) Holding Limited         Bionostics Ltd 
 B&G Equipment Co                     CCH Advisers Ltd 
 Bioquell PLC                         Celsis Group Ltd 
 Catalyst Media Group PLC             Celsis International 
                                       Ltd 
 Catalyst Media Holdings Limited      Darby Group Limited 
 Consolidated Venture Finance         Forefront Group Ltd 
  Limited 
 Coventbridge Group Limited           GTL Resources Ltd 
 Cross-Border Publishing (London)     GTL Resources Overseas 
  Limited                              Investments Ltd 
 Cyprotex PLC                         H.Townsend & Sons (Builders) 
                                       Limited 
 EKF Diagnostics Holdings             Hampton Land & Estates 
  PLC                                  Limited 
 GlobalOptions Group, Inc.            Hampton Trust PLC 
 Goals Soccer Centres PLC             Harwood Capita LLP 
 Growth Financial Services            Highrix Limited 
  Limited 
 Hampton Investment Properties        Izodia Plc 
  Limited 
 Harwood Capital Management           J O Hambro Capital Management 
  Limited                              Ltd 
 Harwood Capital Nominees             Jarvis Porter (Property 
  Limited                              Holdings Ltd) 
 Harwood Holdco Limited               Kelvinhaugh Student accommodation 
                                       Limited 
 Harwood Multi Manager Limited        M J Gleeson Ltd 
 Harwood Real Estate Limited          Merchant Properties General 
                                       Partner Ltd 
 Harwood Wealth Management            Merchant Properties Nominees 
  Group PLC                            Ltd 
 Indoor Bowling Acquisitions          Merchant Properties Two 
  Limited                              General Partner Ltd 
 Indoor Bowling Equity Limited        Merchant Properties Two 
                                       Nominee 1 Ltd 
 IR Media Group Limited               Merchant Properties Two 
                                       Nominee 2 Ltd 
 Jaguar Holdings Limited              Mount Street Properties 
                                       Limited 
 Journey Group PLC                    Nastor Investments Ltd 
 MJ Gleeson PLC                       Nationwide Accident Repair 
                                       Services Ltd 
 North Atlantic Smaller Companies     Orthoproducts Ltd 
  Investment Trust PLC 
 Oryx International Growth            Prime Focus London PLC 
  Fund Limited 
 Performance Chemicals Company        Progeny, Inc. 
 Satellite Information Services       Quarto Group Inc. 
  (Holdings) Limited 
 Sherwood Holdings Limited            RGS(1) Ltd 
 Source Bioscience Plc                Sinav Ltd 
 Stratton Street (Anthony)            Stratifer Ltd 
  Limited 
 Stratton Street (Mouse No.1)         Toftplan Property Ltd 
  Limited 
 Sunlink Health Systems, Inc.         Valient Sports Holdings 
                                       Ltd 
 Team Rock Limited                    W G Mitchell (2005) Ltd 
 The Indoor Bowling Company           W G Mitchell (Charlotte 
                                       Square) Ltd 

 The Tagos Group                      W G Mitchell (Fifteen) 
                                       Ltd 
 Tramworks Limited (in liquidation)   W G Mitchell (George 
                                       Street) Ltd 
                                      W G Mitchell (Seven) 
                                       Ltd 
                                      W G Mitchell Enterprises 
                                       Ltd 
                                      Winnfield Holding Corporation 
 
 

In addition, Christopher Mills has been a director of the following companies which have been placed into liquidation or receivership/administration:

All creditors paid in full:

   --     Nationwide Security Group plc - Receivership completed 2 March 2005 
   --     Tricor plc - resigned 3 February 2003 - Voluntary arrangement completed 2 April 2014 

Companies that went into administration and creditors lost money as a result of liquidation:

-- Valiant Sports Holdings Limited - Creditors' voluntary liquidator appointed on 2 April 2013. The estimated deficiency to investors and creditors was GBP2,667,085

-- Jarvis Porter Group plc - Administration completed 28 August 2008 - a dividend of 3 pence per share was paid to unsecured creditors

-- United Industries plc - resigned 28 October 2005 - Administration completed 26 January 2008. The estimated deficiency to investors and creditors was GBP48,142,869

-- Versatile Group Limited - Administrative receiver appointed 3 September 1998 by Bank of Scotland who had charges and cross guarantees supporting a debt of GBP2.4 million. In addition, the group had estimated deficiencies as regards creditors of GBP0.6 million and total estimated deficiencies in excess of GBP0.7 million. Versatile Group Limited was struck off the register on 15 May 2001

Administration ongoing:

-- W.G. Mitchell (2005) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

-- W.G. Mitchell (Charlotte Square) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

-- W.G. Mitchell (George Street) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

-- W.G. Mitchell (Enterprises) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

-- W.G. Mitchell (Fifteen) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

-- W.G. Mitchell (Seven) Limited - Christopher Mills resigned on 12 January 2015 - Administrator appointed 1 April 2009

There is no further information to be disclosed pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

- Ends -

For further information:

 
 Quantum Pharma Plc                           Tel: [phone] 
                                                        279 404 
 Chris Rigg, CEO & CFO                 www.quantumpharmaplc.com 
  Craig Swinhoe, Group Strategic 
  Projects Director and Company 
  Secretary 
 
 Zeus Capital Limited                           Tel: +44 (0) 20 
  (Nominated Adviser & Joint                          3829 5000 
  Broker)                                 www.zeuscapital.co.uk 
 Andrew Jones / Nick Cowles 
  / Jamie Peel 
 Dominic Wilson / Adam Pollock 
  / John Goold 
 
   N+1 Singer                                   Tel: +44 (0) 20 
   (Joint Broker)                                     7496 3000 
   Aubrey Powell / James White                 www.n1singer.com 
   / Sandy Ritchie 
   Nick Owen / Brough Ransom 
 Media enquiries: 
 Buchanan 
 Henry Harrison-Topham / Sophie                 Tel: +44 (0) 20 
  Cowles / Steph Watson                               7466 5000 
 [e-mail]              www.buchanan.uk.com 
 
 

Notes to Editors

Quantum Pharma Plc is a service-led, niche pharmaceutical developer, manufacturer and supplier to the retail pharmacy, pharmaceutical wholesaler, hospital, homecare and care home markets. Quantum Pharma operates through three divisions, offering a portfolio of innovative and complementary products and services.

Specials comprises four business units (Quantum Pharmaceutical, UL Medicines, NuPharm and Quantum Aseptics Services), which manufacture, procure and supply unlicensed medicines (specials) and special obtains. In response to a request from a prescriber for a bespoke medicine or special product to optimise patient treatment, the division manufactures, procures and supplies bespoke specials; batch made specials; aseptically prepared sterile intravenous medicines; imported medicines and special obtain products. With an expansive portfolio of products, Quantum is a trusted partner to the majority of large retail pharmacy chains in the UK, as well as pharmaceutical wholesalers, hospitals, independent pharmacies and dispensing doctors. The division offers an unrivalled and constantly expanding range of products. It has a customer-focused, service-driven business model, which provides shorter lead times than any of its competitors.

Niche Pharmaceuticals comprises three business units (Colonis, Lamda and PERN Consumer Products) which develop and commercialise niche pharmaceuticals. This division is a product development and commercialisation business focusing on taking niche drugs through the regulatory pathway to achieve regulated status (licensed product or medical device). The division uses the excellent visibility of trends in the UK pharmacy and hospital markets gained through our Specials and Medication Adherence divisions, to allow early identification of the market opportunity to take products from unlicensed (special) status to licensed status. The division has a growing portfolio and pipeline of products that fit this unlicensed to licensed pathway, as well as complementary generic, generic plus or medical devices intended to meet unmet patient needs across a number of therapeutic areas.

Medication Adherence comprises two business units (Biodose(R) and Biodose Services(R)) which provide products and services to enhance the likelihood of a patient adhering to a medication regime, patient-focused homecare services and services to pharmaceutical companies. It owns Biodose(R), the only medication delivery system on the market that accommodates both liquid and solid doses. Biodose Connect(TM) takes patient safety and adherence to the next level by enabling remote monitoring of adherence to medication regimes. The division also operates a range of specialist patient-focused homecare services to the NHS, private clinics and pharmaceutical companies across the UK and provides the Group with exposure to the homecare and supported living sectors of the care pathway complementing the focus of the remainder of the Group.

For further information, please visit www.quantumpharmaplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 19, 2016 12:47 ET (16:47 GMT)