London-listed Arix Bioscience (LON:ARIX) has appointed current Non-Executive Director, Naseem Amin, to the role of Executive Chairman as the company says it is ‘setting the stage for future growth.’
A qualified medical doctor from the University College Medical School, Amin joined the Arix Board in December 2019 and holds life sciences experience in both the US and Europe.
The biotech-focused global venture capital firm announced on Monday a series of changes to the Board of Directors and executive leadership team, including the stepping-down of Joe Anderson, co-founder and CEO of Arix.
Shares in Arix Bioscience were trading at 60p at close on Friday.
Jonathan Peacock, co-founder and Chairman, and Art Pappas, Non-Executive Director, will step down from the Board at the 2020 Annual General Meeting.
“These operational changes, which will have a substantial impact on cost-structure, best position the Company to capture value and set the stage for future long-term growth,” said Peacock.
Arix noted that its investment team, retained in both Europe and the US, will remain focused on building its current portfolio and leading further investments.
According to investment research firm, Hardman & Co, with a cash position of £55m at 31 December 2019, Arix is well positioned to support its current portfolio of investments.
“I look forward to working closely with the team to ensure we are optimally positioned to generate superior returns for stakeholders and ultimately be part of delivering new potential therapies to patients.” added Amin.
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