FD to quit cloning company
PPL Therapeutics, the company that cloned Dolly the Sheep, is to set to lose its finance director following a management shake-up.
The company announced FD Richard Cruse would leave by the end of the year with the search for a replacement starting immediately.
The boardroom restructuring, which followed the announcement of a £32m rights issue, will also see the departure of Ron James, managing director of PPL.
Earlier in the year, PPL failed in an attempted £40m fundraising, but succeeded this time after Deutsche Bank agreed to underwrite the issue.
Without the new funds, the company would have run out of cash by the end of the year.
In a statement, the company said: ‘With the progress of PPL from its research-based origins towards being an organisation with a manufacturing capability and products on the market, the board now considers it is appropriate to review its composition to ensure that the senior management of the group is able to fulfil the objectives of the group going forward.’
The company is pinning its future hopes on AAT, a protein for treating emphysema, which it hopes to bring to the market by 2005.
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