Midatech Pharma Plc (LON:MTPH, NASDAQ:MTP), the pharmaceutical company focused on oncology and immunotherapy, said Dr Jim Phillips, is to step down as chief executive officer.
Having served the company for five years, Philips will be succeeded at the end of May by Dr Craig Cook, who is currently the chief operating officer and head of research & development (R&D) at Midatech.
Dr Steve Mamment, senior vice president of translational medicine, has been promoted to the head of R&D.
"I would like to thank Jim for his contribution over the last five years and wish him every success in his future endeavours. Under his dedicated leadership the company has transformed since 2013 from an academic entity to a publicly-funded, commercially-focused biotech company with strong prospects,” said Rolf Stahel, the non-executive chairman of Midatech.
“We are also fortunate that in Dr Cook we have an internal candidate who can take over responsibility as CEO, ensuring continuity and a controlled handover. Craig will provide strong leadership, demonstrated expertise, a deep understanding of the business, and a relentless focus on delivery of key value-driving programs to take Midatech into its next phase of growth. We have every confidence that Craig, together with his senior management team, will drive Midatech to a successful future," Stahel added.
Shares in Midatech fell a penny to 30p on the news.