4basebio taps Richard Bungay as new finance chief

(Sharecast News) - 4basebio appointed Richard Bungay as chief financial officer on Thursday, as the synthetic DNA specialist prepares for what it described as a phase of accelerated commercial growth.

The AIM-listed company said Bungay would take up the role in July, succeeding David Roth, who stepped down from the board earlier this year and remained with the business during an orderly handover period.

It said Bungay would bring more than 30 years of senior finance and strategic experience in the pharmaceutical and biotechnology sectors, spanning public and private companies from research through clinical development, regulatory approval and commercialisation.

He was joining from Sitala Bio, a UK private biotech where he helped lead a strategic repositioning of the business, including a Series A fundraising and an in-licensing deal with Fosun Pharma worth up to $670m.

His previous roles include chief executive and chief financial officer of Diurnal Group, where he led its acquisition by Neurocrine Biosciences in 2022 at a 147% one-day premium.

He was also chief executive and chief financial officer of Mereo Biopharma, where he helped in-license a portfolio from Novartis and complete the company's AIM IPO, and chief financial officer of Verona Pharma, where he helped recapitalise the business.

Earlier in his career, Bungay was director of corporate communications and strategic planning at Celltech Group, where he helped execute its £1.5bn acquisition by UCB.

He is currently a non-executive director of Chroma Therapeutics, qualified as a chartered accountant with Deloitte and holds a first-class degree in chemistry from Nottingham University.

4basebio also announced board changes, with Alexander Link, a non-executive director and 2invest AG's board appointee, and Alan Malus, a non-executive director, stepping down from 31 May due to other professional commitments.

Heikki Lanckriet, non-executive director and former chief executive of 4basebio, would take over Link's role as 2invest AG's board appointee.

The company said Cornel Chiriac, representing M&G, was expected to replace Malus, subject to due diligence and regulatory approval.

Chief executive Amy Walker said Bungay's appointment completed the build-out of the senior leadership team as 4basebio looks to scale its operations.

"4basebio is transitioning into a phase of accelerated commercial growth, and his strategic and financial expertise will be invaluable to support us on this journey," she said.

Bungay said he had followed 4basebio's progress for several years and looked forward to supporting its continued growth as it seeks to establish a leadership position in manufacturing next-generation therapeutics.

At 1322 BST, shares in 4basebio were down 3.45% at 420p.

Reporting by Josh White for Sharecast.com.

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