Ixico Regulatory News (IXI)

9 Jan 2007 10:15

Phytopharm PLC09 January 2007 Company Contact: U.K. Investor Relations Contact: Phytopharm plc Financial Dynamics Dr Daryl Rees David Yates Mr Piers Morgan Ben Atwell +44 1480 437 697 +44 207 831 3113 www.phytopharm.com Board Changes GODMANCHESTER, Cambridgeshire, U.K. (9th January 2007) - Phytopharm plc (LSE:PYM; NASDAQBB: PHYOF; PHYOY) ("Phytopharm" or the "Company") today announces anumber of planned changes to its senior management team ahead of the next phasein its development. Dr Richard Dixey, Phytopharm's co-founder who has led the Company over the lastten years, is stepping down as Chief Executive Officer and Board Director. Heis succeeded as Chief Executive Officer by Dr Daryl Rees who has served asPhytopharm's Chief Operating Officer for the past six years. Dr Rees will focuson generating growth and value from Phytopharm's strong product portfolio, inparticular its Hoodia gordonii functional food obesity programme which ispartnered with Unilever and its Myogane and Cogane pharmaceutical neurologicalproducts, which are currently in Phase I and II clinical developmentrespectively. Phytopharm is also pleased to announce today the appointment of Mr Piers Morganas Chief Financial Officer and Board Director. Mr Morgan has an MA in Law andManagement Studies from Cambridge University and is a Chartered Accountant. Heworked at Close Brothers Corporate Finance on a wide variety of Equity CapitalMarket and Mergers & Acquisitions transactions and was a founding director ofthe Life Sciences Mergers & Acquisitions team at Ernst & Young. In 2000, hejoined Arrow Therapeutics Limited as Finance Director, raising significantfinance through private equity, debt and grants. In 2005, he moved to Paris tobecome Chief Financial Officer of BioAlliance SA, where he led the successfulflotation of the company on Euronext Paris. There are no further disclosures tobe made under paragraphs 9.6.13R of the Listing Rules and 3.1.2R of theDisclosures Rules in respect of Mr Morgan. All Board changes are with immediate effect and form part of the plannedrestructuring of the Board. Dr Richard Dixey has confirmed that he has no current intention to sell anyshares in Phytopharm and he and Chakra Limited (a Company which Dr Dixey holds50 per cent of the share capital) have agreed not to dispose of their interestsin the ordinary shares of the Company for a period of 6 months from today'sdate. For a further period of 3 months, any disposals of their interests in theordinary shares of the Company will be through the Company's appointedstockbroker only. Commenting, Dr Paul Whitney, Chairman, said: "On behalf of the Board of Phytopharm and myself personally, I would like tothank Richard Dixey for his enthusiasm, energy and pivotal contribution to thedevelopment of Phytopharm over the past ten years. We wish him well in hisfuture activities." Dr Richard Dixey added: "I have thoroughly enjoyed my time leading Phytopharm and I am delighted to behanding over the CEO's role to Daryl Rees. He has been instrumental in thesuccess of Phytopharm's product development to date and with the strong additionof Piers Morgan to the Board as CFO, I believe the Company is well placed formuch-deserved success." -ENDS- NOTES TO EDITORS Phytopharm plc Phytopharm is a pharmaceutical development and functional food company whoseproduct leads are generated from medicinal plant extracts. The Company'sstrategy is to develop these products through 'proof of principle' clinicaltesting, and then secure partners for late stage development, sales andmarketing. This business model generates a lean cash burn and all laboratory,manufacturing and clinical work is outsourced to specialists while corecompetencies such as strategy and management are kept in-house. Thisoperational structure allows access to advanced research techniques whilstmaintaining low fixed overheads and a lower development cost structure. More information concerning Phytopharm's activities can be found on its websiteat http://www.phytopharm.com This information is provided by RNS The company news service from the London Stock Exchange