(Alliance News) - e-Therapeutics PLC said Tuesday Iain Ross stepped down as non-executive chair and Ray Barlow has stood down as chief executive officer with immediate effect.
The Oxford-based drug discovery company said Ross is standing down in order to concentrate on his interim executive chair role at Silence Therapeutics PLC.
The company appointed Ali Mortazavi as executive chair with immediate effect. He was chief executive officer of Silence Therapeutic from 2012 to 2018 and has "extensive experience in the biotechnology sector and financial markets," the company said.
The company also said Barlow has stood down as chief executive officer but has agreed to remain with the company for a period of time to provide support to Mortazavi and ensure an effective transition.
Steve Medlicott, chief financial officer, has also stood down from the board with immediate effect, the company noted.
E-Therapeutics said it carried out a placing of 53.3 million shares at a price of 3.0 pence each to raise gross proceeds of GBP1.6 million to be used for general working purposes. The stock was up 18% in London at 4.70 pence each on Tuesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
E-therapeutics (ETX)