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E-Therapeutics' chief executive steps down

Iain Ross, the current chairman, will take on an executive role while the company looks for a new chief executive.

picture of petri dish
E-Therapeutics is developing a number of compounds discovered through its platform

Drug discovery group e-Therapeutics PLC (LON:ETX) has parted company with Malcolm Young, its chief executive for the past nine years and one of its founders. 

Iain Ross, the current chairman, will take on an executive role while the company looks for a new chief executive.

In other board changes, current chief finance officer Steve Medlicott will become chief operating officer on an interim basis, while another director, Trevor Jones, will oversee the scientific team.

Ross said: "Malcolm founded this company in 2003 and has worked tirelessly to build its scientific base. Since 2007 as CEO he has led significant funding rounds and developed the business and the scientific team to the point where we have an exciting and productive discovery platform.”

Young added: "Armed with a leading discovery platform and maturing assets, the company is now well placed for securing partnerships around these strong capabilities and assets."

E-Therapeutics has a number of drugs in or about to enter clinical trials.

A phase IIb clinical trial for ETS6103, a drug to treat major depressive disorder was completed recently.

In addition, there are a number of other treatments under development including a functionally resistance-less antibiotic; telomerase inhibition in anti-cancer and broad spectrum antivirals. 

Quick facts: e-Therapeutics plc

Price: 3.14 GBX

AIM:ETX
Market: AIM
Market Cap: £8.44 m
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