Aura Renew Acq Regulatory News (ARA)

8 Oct 2007 07:01

Ardana PLC08 October 2007 Ardana announces Board Change Edinburgh, UK: 8 October 2007: Ardana plc (LSE:ARA) today announces that theCompany's Chief Executive Officer, Dr. Maureen Lindsay, has informed the Boardthat, after nearly 7 years of service, she wishes to step down from her positionas CEO and a Director of the Company. Dr. Huw Jones, a non-executive Director ofthe Company since June 2006, has been appointed as Ardana's new CEO withimmediate effect. Dr. Lindsay will remain with the Company until the end of 2007to assist with the transition. Huw Jones, 47, has a strong background in senior management in thepharmaceutical industry, most recently at CV Therapeutics Inc., a NASDAQ listedpharmaceutical company where he was President, Europe. He also fulfilled anumber of senior roles at Elan Pharmaceuticals and SmithKlineBeecham between1986 and 2002. In 2002 he co-founded Daffodil Consulting LLP, providingstrategic advice to biopharmaceutical companies. He became non-executiveChairman of Ashbourne Pharmaceuticals Ltd in 2002, a position he retained untilits sale to Sinclair Pharma plc in 2006. He holds a PhD in Pharmacology from theUniversity of Birmingham. Dr. Maureen Lindsay joined Ardana in January 2001 as Chief Operating Officer andhas been CEO since March 2004, leading the Company's successful flotation on themain market of the London Stock Exchange in March 2005. During the period of herleadership the Company has built a strong product pipeline focused onreproductive health which now includes three marketed products, two products inPhase III, two products in Phase II for three indications and several follow-onproducts in Phase I. Dr. Simon Best, non-executive Chairman of Ardana, said: "The Board wishes to place on record its gratitude to Maureen Lindsay for herachievements as CEO of Ardana. She has created one of the strongest productpipelines in the UK biotech industry, with good progress being made across theportfolio. We wish her every success with her future plans. "We are delighted that Huw Jones has agreed to become the Company's new CEO. Weare approaching the time when we need to consider the commercialisation of anumber of products in our portfolio, in addition to our lead product TeverelixLA, a process in which his wealth of experience in the pharmaceutical industryand business development skills will be of great value. "Our licensing activities on Teverelix LA are progressing well with severalpotential partners at different stages of discussion. In addition, followingthe recent publication of the positive Phase II data on prostate cancer thediscussions have broadened with approaches from other new parties interested inthe opportunity." Dr. Maureen Lindsay added: "I have thoroughly enjoyed my time at Ardana and wish the Company and all of itsemployees every success in the future. We have worked hard to build a broad andvaluable pipeline at Ardana and I am confident that its global commercialpotential, particularly of Teverelix LA, will be realised." As previously announced, Ardana will be releasing its interim results for thesix months ended 30 September 2007 on Tuesday 9 October 2007. For more information contact: Ardana Financial Dynamics Dr. Simon Best Julia Phillips / John GilbertTel: +44 (0) 7884 230380 Tel: +44 (0)20 7831 3113 Graham LeeTel: +44 (0) 7799 148831 About Ardana Ardana plc is a pharmaceutical company focused on the discovery, development andmarketing of innovative products to improve human reproductive health, a $25.5billion market. Since its foundation, Ardana has built a broad and balanced portfolio to managerisk and actively pursue product and technology in-licensing and out-licensingto maintain a robust pipeline. Ardana's lead products are summarised below: • Emselex(R), a once a day treatment for the symptoms of overactive bladder syndrome, for which Ardana has exclusive UK marketing and promotion rights and is being distributed in collaboration with Novartis UK Limited; • Striant(TM) SR, a testosterone replacement therapy that has been launched by Ardana through its own sales force in the UK and through marketing partners in certain European countries, as a treatment for men with confirmed hypogonadism; • Teverelix LA, in development for three initial indications (prostate cancer, benign prostatic hyperplasia and endometriosis); • Testosterone Cream, a trans dermal testosterone delivery system in development for the treatment of male hypogonadism, in Phase II trials; • Invicorp(TM), an injectable combination drug treatment for erectile dysfunction, for which Ardana has marketing and manufacturing rights in Europe and has been launched in Denmark. • ARD-07 a growth hormone secretagogue in late stage development for the diagnosis of growth hormone deficiency In addition, Ardana has a strong portfolio of follow-on products in development. Ardana is listed on the Main Market of the London Stock Exchange. For further information please see www.ardana.co.uk This information is provided by RNS The company news service from the London Stock Exchange