Graft Polymer (UK) PLC Directorate Change and grant of options

RNS Number : 6777F

Graft Polymer (UK) PLC

26 September 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

26 September 2024

Graft Polymer (UK) Plc
(the "Company")

 

Appointment of biotechnology industry leader Dennis Purcell as Chairman

 

and grant of options

 

Graft Polymer (UK) PLC (LON: GPL), an innovative biotechnology company focused on co-developing therapeutics for mental health disorders, is pleased to announce the appointment of Dennis Purcell to the Company's Board as Chairman.  Mr Purcell replaces Nicholas Nelson as Chairman, who remains on the Board as a Non-Executive Director.

 

A pioneer in the biotechnology industry, Mr Purcell is the Founder and former Senior Managing Partner of Aisling Capital LLC ("Aisling Capital"), a leading U.S. healthcare investment firm which has raised $1.8 billion since its inception. Prior to founding Aisling Capital, Mr Purcell served as Managing Director of the Healthcare Investment Banking Group at Hambrecht & Quist (later part of JP Morgan), where he led over $20 billion in financing for the pharmaceutical, biotechnology and medical device sectors of the healthcare industry.

 

Mr Purcell has extensive experience in helping biotechnology companies access the capital markets, along with deep involvement in mergers, acquisitions, and strategic partnerships. His leadership has been instrumental in the success of numerous early-stage companies. As Graft Polymer continues to advance its co-development of therapeutics for mental health disorders, Mr. Purcell's knowledge and global network will be invaluable in expanding the Company's presence in both U.S. and European markets.

 

As Chairman, Mr. Purcell will guide the Company's collaborations, the first of which is with Awakn Life Sciences Corp. ("Awakn"), a biotechnology company focused on addiction and mental health. This partnership aims to co-develop a new class of medicines for the treatment of trauma-related mental health disorders, including Post-Traumatic Stress Disorder ("PTSD"). Mr Purcell was a Special Adviser to the CEO for Awakn for a short period during 2022.

 

In consideration for becoming the Company's Chairperson Mr Purcell has been granted 45,000,000 nominal cost options (with an exercise price of £0.001) over the Company's ordinary shares under the Company's Long Term Incentive Plan (the "LTIP"). These options will have a term of three years from the date of grant and will vest in three equal parts: one third immediately, one third on the first anniversary, and the final third on the second anniversary of Mr Purcell's appointment. Following this grant, the Company has a total of 55,000,000 outstanding options, equivalent to 2.2% of the Company's current issued share capital. 

 

Dennis Purcell commented: "I am thrilled to join Graft Polymer's Board at such an exciting juncture. The Company's collaboration model, starting with Awakn, is poised to make a significant impact in the biopharmaceutical sector - specifically in the area of treating addiction and mental health issues, where there is an enormous opportunity. I look forward to working closely with my fellow Board members and the management team to drive growth, enhance shareholder value, and bring transformational solutions to patients in need."

 

Nicholas Nelson commented: "Having joined the Board as Chairman in March 2024 and led the Company through a successful fundraising, in conjunction with Anthony Tennyson, my focus has been on identifying the right Board composition to capitalise on the opportunities in front of us. Having now reached an inflection point, it is time to welcome Dennis to lead the board.  The appointment of an individual of Dennis' standing in the biotech industry speaks volumes for what Graft Polymer is doing and I am confident that Dennis's vast experience and connections in biotech and capital markets will be instrumental in steering Graft Polymer towards great success."

 

 

Enquiries:

Graft Polymer (UK) Plc
Anthony Tennyson, CEO and Executive Director. [e-mail]

 

Allenby Capital (Broker) [phone]

Nick Naylor / Liz Kirchner (Corporate Finance) | Guy McDougall (Sales)

 

 

About Graft Polymer (UK) Plc

 

Graft Polymer (UK) Plc is an innovative biotechnology company focused on developing intellectual property relating to the treatment of mental health and substance use disorders, and the co-development of therapeutics for mental health disorders.  Our mission is to improve outcomes for individuals suffering from these conditions, with an initial focus on trauma-related mental health disorders, such as PTSD, which affects approximately 13 million adults in the U.S. and 20 million in US, UK, and key EU markets.

 

For more information, please visit www.graftpolymer.co.uk.

 

 

 

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