IDH.L Regulatory News (IDH)

25 November 2014

Immunodiagnostic Systems Holdings plc

Board Changes and Appointments

Immunodiagnostic Systems Holdings plc ("IDS" or "the Company" or "the Group"), a leading solution provider to the clinical laboratory diagnostic market, today announces the following Board changes.

Dr Anthony Martin, non-executive Chairman, has decided to step down from the Board of IDS with immediate effect. Dr Martin has been non-executive Chairman of IDS for the past three years and the Board would like to sincerely thank him for the significant contribution he has made to IDS during this time and wish him well for the future.

Also with immediate effect, Dr Burkhard Wittek, aged 60, has been appointed as non-executive Chairman and Mr Till Bengt Campe, aged 24, has been appointed a non-executive Director of the Company. Both Dr Wittek and Mr Campe are from FORUM European Smallcaps GmbH and FORUM Venture Capital GmbH (together "Forum") (companies in which Dr Wittek has a majority holding), who together hold 7,926,064 ordinary shares in the Company, representing 27.1% of the current issued share capital of IDS. Gabriele Wittek, wife of Dr Burkhard Wittek, also holds 43,867 ordinary shares in the Company, representing 0.15% of the current issued share capital of IDS.

Dr Wittek holds an MBA from Harvard Business School. After working for Dresdner Bank AG he spent 13 years with The Boston Consulting Group where he was a senior partner with worldwide responsibility for the consumer goods retail and healthcare sectors. In 1990 he founded FORUM Family Office GmbH, which makes long-term investments in German Private Equity and European Small and Midcap publicly quoted companies. The healthcare sector is a focus area of FORUM as well as companies undergoing transitions. Dr Wittek was previously a Director of IDS from 20 October 2009 to 6 March 2014.

Additional disclosures for Dr Burkhard Wittek under Schedule Two paragraph (g) of the AIM Rules:

Dr. Wittek was Chairman of Novaspin AG a biotech start-up company which was placed into administration on 21 October 2002 due to a lack of funding.

Mr. Till Campe is an investment manager of FORUM Family Office GmbH. Mr. Campe joined FORUM in 2011. He holds a BA in Ancient and Modern History from the University of Oxford. Mr Campe holds 290 ordinary shares in the Company. There is no further information required to be disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules in respect of Mr Campe.

As already announced, Dr Patrik Dahlen (CEO) has given notice of his intention to leave the Company at the end of his 12 month notice period, or as may be agreed otherwise.

Mr Roland Sackers remains the Company's Senior Independent non-executive Director and Dr Eddie Blair remains an independent non-executive Director. Mr Chris Yates remains CFO.

The newly constituted Board is actively recruiting an additional (fifth) non-executive Director, who is independent of FORUM and who is also independent in the context of the UK Corporate Governance Code, to join the Board as soon as reasonably practicable.

Dr Burkhard Wittek, Non-Executive Chairman, said:

"As a long term major investor in IDS, I am convinced that the Company has a strong independent future. As such, I am pleased to be taking a more active role with the business as Chairman. The Company's recent trading has been softer than we would like, but I am convinced that successful implementation of the strategic roadmap - in particular enlarging the assay menu, getting net new placements back to previous levels, focus on cost efficiencies/processes as well as bolt-on acquisitions - will allow the business to resume growth and get back to levels of profitability set by sector peers."

Roland Sackers, Senior Independent Director said:

"After years of exceptionally strong performance, the increasingly competitive environment has made recent trading more challenging. Despite that, IDS remains cash generative and has a strong technology platform with a clear strategy for future growth. I would like to sincerely thank Tony for his significant contribution to the business as Chairman over the last few years. I would also like to thank Patrik for his material contribution to the Board."

For further information:

About Immunodiagnostic Systems Holdings PLC

The Group's vision is to be a leading solution provider to the clinical laboratory diagnostic market. IDS's strategy is focused on developing, internally and through partnership, its automated assay menu for its proprietary automated immunoassay analyser, the IDS-iSYS system. Internally the Group is focused on developing an endocrinology excellence menu and externally IDS works with partners to develop assay panels in complementary indication fields. The Group sells its products primarily in the clinical laboratory market across a range of customers from reference laboratories to physician office laboratories. IDS has field sales forces in certain European countries, including France and Germany, the United States and Brazil and works with distributors in other markets including China, Italy and Spain.