Directorate Change
Stem Cell Sciences plc
19 November 2007
Press Release
STEM CELL SCIENCES APPOINTS ALASTAIR RIDDELL AS CEO
FOUNDER PETER MOUNTFORD ASSUMES CTO ROLE
19th November 2007
Stem Cell Sciences plc (SCS, AIM:STEM, ASX: STC), the global biotechnology
company focused on the commercialisation of stem cells and stem cell
technologies in research and cell-based therapies, announces today the
appointment of Dr Alastair James Riddell, aged 58, as Chief Executive Officer
(CEO). Dr Riddell brings to SCS extensive experience in the biotech industry,
with more than 10 years experience at Board level in building companies, raising
financing and negotiating deals for both public and private companies. He
replaces the Company's founder, Dr Peter Mountford, who has taken the role of
Chief Technology Officer as well as retaining his Executive Directorship.
Most recently, Dr Riddell was Non-Executive Chairman of Surface Therapeutics
until overseeing the company's acquisition by Serentis in September 2007. As CEO
of Paradigm Therapeutics, Dr Riddell, with his senior team, completed major
corporate licensing agreements with Johnson & Johnson and Takeda, as well as
leading the negotiations for Takeda's acquisition of the company in March 2007.
From 1998 to 2005, Dr Riddell was CEO of Pharmagene taking the company through
several rounds of VC financing and an eventual IPO on the LSE. Previous to
Pharmagene, Dr Riddell held senior management positions at Caremark, Amersham
International, Centocor, Celltech, Xoma Europe and Lederle. Dr Riddell started
his medical career in the Royal Army Medical Corps and the Royal Berkshire
Hospital.
"SCS is in a pivotal stage of its corporate development and has made great
progress in developing and commercialising its innovative stem cell
technologies. As a demonstrated successful leader, with extensive expertise in
driving the growth of biotech companies, the Board believes that Dr Riddell is
the appropriate person to lead the company to the next stage in its
development," noted David Dodd, Non-Executive Chairman of SCS. "We would also
like to recognise Dr Mountford, whose vision and determination has helped grow
SCS to the global stem cell player it is today. In his new role, we look forward
to capitalising on his recognised knowledge of the sector to fuel the future SCS
product pipeline."
In his role as Chief Technology Officer based in Melbourne, Australia, Dr
Mountford will capitalise on his experience and expertise for sourcing and
licensing innovative stem cell technologies. This will involve leveraging new
business opportunities from the technology platform and expanding the company's
network of academic collaborators.
Commenting on his new role, Dr. Riddell stated, "Stem Cell Sciences has an
excellent record in establishing valuable intellectual property in this exciting
field and my task is to translate that position into commercial success in the
near term and therapeutic success in the long term. The company has made a
promising start in the drug discovery applications of its technology with its
initial deals. I look forward to working with the company in building on these
early successes and creating significant shareholder value in the future."
- Ends -
For further information, please contact:
Stem Cell Sciences plc (United Kingdom) +44 131 662 9829
Alastair Riddell, CEO
Halsin Partners (United Kingdom) +44 20 7084 5955
Mike Sinclair
Talk Biotech (Australia) +61 4 2220 6036
Fay Weston
Stem Cell Sciences llc (USA) +1 678 641 4029
David Dodd, Chairman of SCS plc
Notes to Editors
Stem Cell Sciences plc (SCS, AIM: STEM, ASX: STC) is a global biotechnology
company providing the biological infrastructure of cells and cell culture media
to the burgeoning stem cell research market.
Stem Cell Sciences' core objective is to develop safe and effective cell-based
therapies for currently incurable diseases. SCS retains all rights to its
technology for therapeutic use and is targeting cell-based therapies for
neurodegenerative disease and injury.
Revenues from Stem Cell Sciences' research business are delivered via an
integrated network of business teams and regional offices in Edinburgh and
Cambridge (UK), Melbourne (Australia) and San Francisco (USA). This global reach
provides the Company with the direct access to markets through experienced
personnel and local business networks needed to drive SCS's business growth in
each region.
The key challenge for the successful application of stem cells in both research
and clinical applications is the reproducible supply of pure, fully
characterized stem cells and stem cell-derived specialised cells such as nerves
and muscle. This represents a significant technological challenge that will
require access to multiple technologies and a globally integrated stem cell
initiative.
To access cutting edge technologies on a rapid and on-going basis, Stem Cell
Sciences has built an exceptional network of highly interactive collaborations
with academic centres of excellence in the stem cell field. These collaborations
have been the source of our founding technologies and continue to provide an
expanding pipeline of products and intellectual property that are central to the
Company's strategy and success.
To facilitate research and technology transfer with its major collaborating
academic institutions, Stem Cell Sciences' business and scientific teams are
usually co-located on site or adjacent to the centre of excellence in
independent company facilities. The Company's key collaborating institutes
include the Wellcome Trust Centre for Stem Cell Research (University of
Cambridge), the Institute of Stem Cell Research (University of Edinburgh), RIKEN
Centre for Developmental Biology (Kobe) and the Australian Stem Cell Centre
(Melbourne).
Academic and commercial use of stem cells in basic research and drug discovery
provides the Company with immediate and growing revenue streams and offsets the
cost of technology development for full scale cell production of SCS cell-based
therapeutics.
For further information on the company please visit: www.stemcellsciences.com
This information is provided by RNS
The company news service from the London Stock Exchange