SUMM.L Regulatory News (SUMM)

26 Sep 2006 07:04

VASTox plc26 September 2006 VASTox plc ("VASTox" or "the Company") VASTOX PLC ANNOUNCES BOARD CHANGES Oxford, UK, 26 September 2006 - VASTox plc (AIM: VOX), a leading UKbiotechnology company, announces today a number of changes to the composition ofits Board of Directors. Appointment of Barry Price, PhD as Non-executive Chairman Professor Stephen Davies today steps down as VASTox's Non-executive Chairman andtakes a Non-executive Director position. He is replaced by Barry Price, PhD,who also takes the role of Chair of VASTox's Nominations Committee. Professor Davies has been Chairman since he founded VASTox in January 2003 andhas guided the Company through a successful flotation in October 2004 and agrowth phase that sees it now employing 50 scientists and managers. ProfessorDavies is stepping down as Chairman to focus more time on his new role asWaynflete Professor and Chairman of Chemistry at the University of Oxford, oneof the most prestigious academic posts in UK science. Barry Price, PhD (aged 63) has a wealth of industry and Board-level expertiseand brings to VASTox 39 years' of experience in the pharmaceutical and lifesciences industries. He is currently Chairman of Antisoma plc (LSE: ASM) andBiowisdom Limited, and Non-Executive Director of Shire plc (LSE: SHP, NASDAQ:SHPGY, TSX: SHQ). Dr Price has been a Director of Shire for ten years duringwhich time he has seen it grow to become one of the UK's largest life sciencescompanies. Professor Stephen Davies said: "I have been Chairman of VASTox for over threeyears and have taken a hands-on role in the early years of the Company'soperations. VASTox is now a strong business with a very capable management teamand so the time is right for the Company to appoint a new Chairman who can guideit through the next stage of growth. In Barry Price we have attracted aChairman with proven experience in growing life science companies as well assignificant pharmaceutical industry knowledge. I warmly welcome Barry to theBoard and look forward to working with him." Barry Price, PhD, commented: "I am delighted to be offered the role of Chairmanof VASTox plc. I have been impressed with the Company's evolution, the calibreof its managers, and as a chemist, I can clearly see the potential of VASTox'sapproach and value to the pharmaceutical industry. The Company has an excitingfuture and I intend to work closely with the Board and Executive team to ensurethe business maximises both its opportunities for growth and the creation ofvalue for shareholders." Appointment of Colin Wall, PhD as Non-executive Director Also today, VASTox announces the appointment of Colin Wall, PhD (aged 57) asNon-executive Director. He replaces John Montgomery, who today resigns from hisrole as Non-executive Director. John Montgomery co-founded VASTox with Professor Davies in January 2003 and wasthe Company's Financial Director during its early growth stage. He will stepdown to focus more on his role as Bursar of St John's College at the Universityof Oxford. As part of his role, Dr Wall has been appointed Chair of the RemunerationCommittee. He will also be designated Senior Independent Non-executive Directorand will act as an independent conduit for shareholders, in line with therecommendations of the Combined Code of Corporate Governance. Colin has over 40years' of commercial experience including significant board-level experience ata number of public and private companies. He is currently Chairman of CopleyWall & Associates Ltd and Elvstrom Sobstad (UK) Ltd. He is also a Non-executiveDirector of Elvstrom Sails A/S. Steven Lee, PhD, Chief Executive Officer added: "I am very pleased to welcomeBarry Price and Colin Wall to the Board of VASTox. Barry has an impeccablereputation within the life sciences industry and brings to VASTox a wealth ofexperience as we pursue our growth ambitions. Colin is another high calibreappointment to VASTox who will complement the balance of commercial, scientificand industry skills on the Board. "On behalf of the Board, I would like to thank Professor Stephen Davies for hiscontributions as founder and Chairman of VASTox to date. The Company has madegreat strides under his guidance and I have no doubt that Steve will continue tomake a valuable input as a Non-executive Director. I would finally like tothank John Montgomery on behalf of the whole Board for his contributions sincethe inception of VASTox." AIM Rules Disclosure Barry Price, PhD is currently a director of Biowisdom Limited, Antisoma plc andShire plc. In the previous five years, he has held directorships at Chemunex SAand Pharmagene plc. Colin Wall, PhD, is currently a director of Copley Wall & Associates Limited,Elvstrom Sobstad (UK) Limited and Elvstrom Sails A/S. In the previous fiveyears, he has held directorships at The Pygmalion Group, Torex plc and Isoftplc. VASTox confirms that, save for the above, there are no other matters underparagraph (g) of Schedule 2 of the AIM rules to be announced. - ends - For more information please contact: VASToxSteven Lee, PhD, Chief Executive Officer Tel: +44 (0)1235 443910Darren Millington, ACMA, Chief Financial Officer Citigate Dewe Rogerson Tel: +44 (0)207 6389571David Dible / Mark Swallow / Valerie Auffray About VASTox plc VASTox is a chemical genomics technology company that discovers and developsproprietary novel drugs and provides services to the pharmaceutical industry.The company's most advanced drug development programme is focused on developinga new treatment for Duchenne muscular dystrophy based on the up-regulation ofutrophin. A second drug development programme for spinal muscular atrophy isalso progressing rapidly. VASTox has four additional programmes focused onosteoarthritis, cancer, tuberculosis and stem cell therapies, which are expectedto be out-licensed prior to entering the clinic. The company's technology platform, which uses zebrafish and fruitflies, has thepotential to dramatically decrease the time and cost of drug discovery anddevelopment. This is because using whole organisms allows it to carry out highvolume, high content screening, which delivers data that are highly predictiveof the efficacy and toxicity of potential drug compounds in humans. VASTox isgrowing revenues based on marketing its unique technology platform and itschemistry expertise. The company listed on the AIM market of the London StockExchange in October 2004. Further information about the company is available at www.vastox.com This information is provided by RNS The company news service from the London Stock Exchange