Graft Polymer (UK) PLC (LSE:GPL) has announced the appointment of Dennis Purcell as the new chairman of its board.
Purcell is co-founder and former managing partner of Aisling Capital, a US healthcare investment firm that raised around $1.8 billion since its inception.
According to Graft Polymer, his knowledge and global network will be invaluable in expanding the company's presence in both US and European markets.
It comes as Graft is advancing its treatments and therapies for mental health and substance use disorders.
Purcell replaces Nicholas Nelson who continues with the company as a non-executive director.
"I am thrilled to join Graft Polymer's board at such an exciting juncture,” Purcell said in a statement.
“The company's collaboration model, starting with Awakn, is poised to make a significant impact in the biopharmaceutical sector - specifically in the area of treating addiction and mental health issues, where there is an enormous opportunity.
“I look forward to working closely with my fellow board members and the management team to drive growth, enhance shareholder value, and bring transformational solutions to patients in need."
Nicholas Nelson, meanwhile, added: “Having now reached an inflection point, it is time to welcome Dennis to lead the board.
“The appointment of an individual of Dennis' standing in the biotech industry speaks volumes for what Graft Polymer is doing and I am confident that Dennis's vast experience and connections in biotech and capital markets will be instrumental in steering Graft Polymer towards great success."