10th Aug 2005 09:30
Provalis PLC10 August 2005 Provalis plc Board change The Board of Provalis plc (LSE: PRO; NASDAQ: PVLS), the international medicaldiagnostics and pharmaceuticals group, announces that Dr Philip Gould, ChiefExecutive has resigned. Peter Woodford, who joined the Board on 1 July 2005 asa non executive director, has agreed to become interim Chief Executive. TheBoard expects that he will carry out this role for at least six months whilst anew Chief Executive is sought. Peter Woodford has extensive experience in the international healthcare industrywith particular expertise in the diagnostics arena having latterly worked forover 15 years with Roche Diagnostics/Boehringer Mannheim. For eight of thoseyears he was based in Germany and the USA and led all global strategic andcommercial activities for Roche Diabetes Care. The Board confirms that the Group's trading remains in line with itsexpectations as outlined in the trading update statement issued on 10 June 2005.The roll out of the Group's flagship product, in2itTM, remains unchanged asannotated in the statement on 26 July 2005. Peter Woodford, commented; "As I said when I joined the Group in July, I'm particularly excited by thecommercial potential of in2itTM, our flagship A1c diabetes testing product.With the US launch of in2it well underway, I am confident that our diagnosticsbusiness is now set for growth." Frank Harding, Chairman of Provalis, said "In the short time Peter has been with us, he has already demonstrated hisextensive business experience, especially in the diagnostic field and I amdelighted that he is taking on the role - for which he is particularly wellqualified - at this exciting stage in the Group's development. "The Board wishes to express its gratitude to Phil for all his commitment andeffort during his years as Chief Executive, especially for his critical role ingetting In2it ready for a major launch into the USA. We also wish him well inhis next endeavours." 10 August 2005 For further information:-Provalis plc 01244 288888Frank Harding, ChairmanPeter Woodford, Chief Executive College Hill 020 7457 2020Adrian Duffield/Corinna Dorward Notes to Editors Peter Woodford Peter Woodford's first 16 year of his career included a variety of sales,marketing and general management roles with several well-known companies inpharmaceuticals, medical equipment and diagnostics. From 1987, Peter spent 15 years with Roche Diagnostics/Boehringer Mannheim,serving as Managing Director of their UK operations before moving intointernational roles in 1994. He served as Senior Vice President, Roche DiabetesCare, responsible firstly for the Europe, Middle East and Africa Region andlatterly for Global Marketing, Strategy and Business Development. He spent eightyears at the headquarters of Roche Diabetes Care in Mannheim, Germany with asecondary base in Indianapolis, USA, leading all global strategic and commercialactivities for Roche Diabetes Care; a £1.2 billion business. Peter left Roche in 2002 and has since been advising a number of companies andinvestors in the diagnostics business. He is a non-executive director of BJS Biotechnologies Ltd and a past ViceChairman of the British In Vitro Diagnostics Association. Provalis plc (LSE: PRO; NASDAQ: PVLS) (http://www.provalis.com) is aninternational healthcare group with two operating businesses:- • Medical Diagnostics - The business' principal products are in2it TMA1c andGlycosal(R), both diabetes diagnostic tests. In2itTMA1c is a fully automated,point of care, diabetes diagnostic, testing platform which has marketingclearance from the FDA in the US for use in both physicians' offices and at homeon prescription. • Pharmaceuticals - sells and markets its own, and third party, branded,prescription medicines in the UK and Ireland to GPs and hospitals through itsregionally managed sales force. The business' principal product is Diclomax(R),a medicine for use in the treatment of musculo-skeletal disorders, and it alsosells products in the areas of osteoporosis, migraine and dermatology. "Safe Harbor" Statement under the US Private Securities Litigation Reform Act of1995: Statements in this announcement that relate to future plans, expectations,events, performances and the like are forward-looking statements as defined inthe US Private Securities Litigation Reform Act of 1995. Actual results ofevents could differ materially from those described in the forward-lookingstatements due to a variety of factors. Such factors include, among others: theviability of the Group's products, which are at various stages of development;the generation of sufficient operating cash flow by the Group's pharmaceuticaland medical diagnostic businesses to finance the ongoing development of thesebusinesses as well as the Group's research and development activities; thesuccess of the Group's research and development strategy and activities;uncertainties related to future clinical trial results and the associatedregulatory process; the execution and success of collaborative agreements withthird parties; availability and level of reimbursement for the Group's productsfrom government health administration authorities or other third-party payors;the rate of net cash utilisation within the Group and, hence, the Group'spossible need for additional capital in the short, medium and/or long term; theGroup's intellectual property position and the success of patent applicationsfor its products and technologies; the Group's dependence on key personnel;general business and economic conditions; the impact of future laws, regulationsand policies; stock market trends in the Group's sector; and other factorsbeyond the Group's control that may cause the Group's available capitalresources to be used more quickly than expected. These and other factors thatcould affect the Company's future results are more fully described in itsfilings with the US Securities and Exchange Commission, in particular the latest20-F filing, copies of which are available from the Company Secretary at theCompany's registered address. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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