Strategy Update and Board Changes
24 Junio 2009 - 11:46AM
UK Regulatory
TIDMOXN
RNS Number : 4642U
Oxonica plc
24 June 2009
24 June 2009
Oxonica plc
Strategy Update and Board Changes
Oxonica plc ("Oxonica, the Group or the Company"), a leading international
nanomaterials group, today announces further details regarding the future
strategic positioning of the Company, associated cost reductions and changes to
the Board.
As set out in the Group's 2008 Annual Report and the AGM Statement issued on 18
June 2009, the Board's objective is to improve the profitability of Oxonica and
ensure that the Group has a sustainable position from which to build for the
future. It is the Board's intention to achieve this within the Group's current
resources.
Oxonica's strategy was set-out in the AIM Admission Document issued in July
2005. This document stated that the Group's strategy was to introduce products
to large end user markets, to establish the customer value proposition, create
customer demand and outsource manufacturing. The objective was then to seek to
form partnerships with international brand owners to maximise market reach.
Having developed product offerings in all of its businesses, Oxonica is now
focusing on partnering the Group's businesses to secure profitable platforms for
growth. In 2008, Oxonica's Diagnostics business was partnered with BD and the
Company is currently in partnering discussions for its remaining three
businesses. The structure and value of the resulting partnerships will be
announced on completion of the negotiations.
The Board has also been reviewing the cost base of the business. As a result of
this review the Board announced on 18 June 2009 its intention to seek
shareholders' approval for the cancellation of the admission of the Company's
shares to trading on AIM.
In parallel with these strategic developments, Dr Kevin Matthews, Oxonica's CEO,
has informed the Company of his intention to resign from the Board. Dr Matthews
has been offered the opportunity of joining and leading a private biotechnology
business and will leave the Company on 29 September 2009. Commenting on this
decision,Richard Farleigh, Oxonica's Chairman said, "Kevin joined Oxonica when
it was a research team with the challenge of identifying market needs for the
technology, developing products and growing the business through to
profitability. With the establishment of the partnerships across the Group's
businesses this strategy will have been realised. The Board would like to thank
Dr Matthews for his leadership of the Company over the past 8 years and wishes
him well in his future career". The Company is commencing the search for a
replacement for Dr Matthews. In the meantime Richard Clarke, CFO will assume the
role of CEO.
In addition, Oxonica needs to ensure that the Group is appropriately structured
given the proposed de-listing from AIM and partnering activities. A redundancy
programme has been initiated in the UK with a number of individuals being
informed that their jobs are at risk. The size of the Board will also be
reduced. Ed Weeks currently the senior independent director and Chairman of the
Remuneration Committee will step down from the Board on 29th September 2009.
The Board believes that the successful completion of the partnership discussions
currently in progress along with the cost reductions and Board changes will
result in Oxonica being able to achieve a cash break-even position with a
sustainable, relatively low-risk business model.
For further information, please contact:
Oxonica plc 01865 856 700
Kevin Matthews, Chief Executive
Richard Clarke, Finance Director
Panmure Gordon020 7459 3600
Hugh Morgan
Andrew Potts
Notes to Editors
About Oxonica plc - www.oxonica.com
Oxonica (AIM: OXN.L) is a leading nanomaterials group with products already
launched into international markets. Oxonica's leading product is Envirox(TM)
Fuel Borne Catalyst - a nanocatalyst improving fuel economy and reducing
emissions. The Group has also developed Optisol(TM), a photostable UV protection
system designed to optimise the performance of quality sunscreens and
anti-premature ageing products, and
generates licence and development revenue from activities in the clinical
diagnostics and security markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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