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London, UK, 16th May 2011 – PolyTherics Limited ("PolyTherics"), provider of precision chemistry solutions for therapeutic proteins and peptides, today announced that Dr Keith Powell, its Chief Executive Officer, will step down from the Board and as Chief Executive Officer on 25th May 2011 to pursue other interests.
Keith joined PolyTherics in 2006 and has led the Company to a stage where it has a portfolio of commercial deals and committed funds to enable it to move to the next stage of its development.
Dr John Burt, who joined PolyTherics as Chief Business Officer in November 2010, will become Chief Executive Officer and join the Board. John was previously CEO of Thiakis, a company which he co-founded with Professor Steve Bloom of Imperial College in 2004 and was acquired by Wyeth in 2008.
Keith Powell commented: “It has been a pleasure to work with such a dedicated team and with Steve Brocchini, PolyTherics’ Chief Scientific Officer and one of its founders, in particular.”
Ken Cunningham, Executive Chairman of PolyTherics, commented: “The Board thanks Keith for his valuable contribution to the progress of PolyTherics and for building a team that has the strength and depth to take the Company forward.”
Notes to editors:
PolyTherics is a biopharmaceutical company that applies precision chemistry to develop improved protein and peptide-based drugs. It has received investment of £5.3 million from Imperial Innovations Group plc, Longbow Capital LLP and The Capital Fund.
PolyTherics has developed three proprietary technologies for attaching the polymer poly(ethylene glycol) (PEG) to any therapeutic peptide or protein in a targeted fashion. PEGylation slows elimination from the body, thereby improving half-life and potentially reducing drug treatment frequency, decreasing side effects and improving patient compliance.
PEGylated products derived from PolyTherics’ technologies are more homogeneous than those derived from traditional methods, resulting in reduced complexity of downstream processing, more consistent product quality and cost-effective manufacture. PEGylation is an established method for improving drugs and nine PEGylated products are already approved for therapeutic use worldwide.
For more information, please visit: www.polytherics.co.uk
For more information:
Tel: +44 (0)207 866 7861
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