Cathal Friel, CEO and Chairman at Open Orphan (LSE:ORPH) joined London South East last night at our April Investor Event - 6.04.2021.
He made a dramatic announcement that he has plans for ORPH to spin out three of the non-core assets from the Open Orphan business 'as soon as possible', with "One announcement if not two in the month of April".
* The assets are Imutex, which is 49% owned
* PrepBiopharm, which is 62% owned
* Repurposed influenza immune moderator
He also announced plans to spin out 'Wearables' by the end of the year.
Cathal also announced he has moved from Executive Chairman to CEO at Open Orphan, and his email now describes him as 'CEO and Chairman'. He indicated he will now hire a Chairman to back fill for him.
Why the move?
"We have ambitions for one of the spin-outs to be IPO'd on AIM and then cross-listed on Nasdaq OTC and I'll be keeping a hands-on role there as Executive Chairman."
Finally he stated: "I have set a target for us to get to of 1 billion dollars ((roughly £750M) between Open Orphan and the spin-offs."
At yesterday's market close the ORPH? share price valued the company at £234M.