Perth-based skins and burns treatment developer Clinical Cell Culture Ltd has announced Managing Director Troels Jordansen will be stepping down from his position as Chief Executive Officer, while Professor Fiona Wood has rejoined the board.
Perth-based skins and burns treatment developer Clinical Cell Culture Ltd has announced Managing Director Troels Jordansen will be stepping down from his position as Chief Executive Officer, while Professor Fiona Wood has rejoined the board.
UK-based non-executive director David Imperiali also steps down from the Board with immediate effect.
Mr Jordansen will remain with C3 until 31 May 2006 to assist with an orderly transition. C3's CFO and Company Secretary Andrew Cannon will become interim CEO as from 1 June 2006, pending the appointment of a permanent CEO.
C3 Chairman Dalton Gooding said the re-appointment of Dr Wood as a non-executive director was an important move by the C3 Board.
"Our immediate priorities are achieving sales penetration in approved markets, managing regulatory approval processes especially in the United States, and restoring C3's reputation in investor markets," he said.
"Fiona will play a vital role in all three areas in the months ahead."
The company recently reported a first half operating loss of $5.6 million, which was up 9 per cent on the previous result, as it continues its investment in growing its distribution capabilities and supporting sales infrastructure.
Last month, delays in securing regulatory approvals in the United States and Australia as well as slower than expected product sales prompted Clinical Cell Culture to announce staff cuts and postponement of some R&D.
The move stemmed from a wide ranging review of the company's corporate and commercial strategies addressed a number of measures considered critical for C3's ongoing financial well being.
At 1132 WST, shares in C3 had increased 3 per cent to 16.5 cents.
Below is the edited announcement:
Clinical Cell Culture Ltd has announced that Managing Director Troels Jordansen had indicated his intention to step down from his position as Chief Executive Officer by mutual agreement with the Board of Directors.
Mr Jordansen will remain with C3 until 31 May 2006 to assist with an orderly transition.
C3 also announced that Clinical Professor Fiona Wood has rejoined the Board with immediate effect. UK-based non-executive director David Imperiali also steps down from the Board with immediate effect.
C3's CFO and Company Secretary Andrew Cannon will become interim CEO as from 1 June 2006, pending the appointment of a permanent CEO.
C3 Chairman Dalton Gooding thanked Mr Jordansen for his work on behalf of C3 and wished him well for the future.
"Troels has been a key figure in the internationalisation of C3 and the commercialisation of its tissue engineering technology," said Mr Gooding.
"He has overseen the development of C3 operations to the point where the company is now in a position to aggressively pursue sales penetration in a range of international markets where we have secured regulatory approval."
Mr Gooding also thanked Mr Imperiali for his contribution to the C3 Board.
Mr Jordansen said he remained a strong supporter of C3 and continued to believe the Company's products would reach their commercial potential.
"With the approval of ReCell. in Australia by the Therapeutic Goods Administration, I feel I have taken C3 as far as I can. I believe the management team has the right mix of skills and experience to continue to build the company from its current base," he said.
Mr Gooding said the re-appointment of Clinical Professor Fiona Wood as a non-executive director was an important move by the C3 Board.
"Our immediate priorities are achieving sales penetration in approved markets, managing regulatory approval processes especially in the United States, and restoring C3's reputation in investor markets," he said.
"Fiona will play a vital role in all three areas in the months ahead."
Clinical Professor Wood said she looked forward to the fresh challenge and was confident C3 had a very bright future.
C3 products are now approved for sale in major global markets such as Europe and Japan.
However, C3 has experienced delays in achieving sales penetration in these markets and needs to achieve greater take-up by medical specialists who like the products but have been slow to adopt them in clinical practice.
"Surgeons have responded very well to our products - our challenge is now to translate this enthusiasm into surgical activity with cell based therapies, especially ReCell," said Clinical Professor Wood.
Mr Gooding said C3 would undertake an Australian investor roadshow in the near future and would keep the market constantly informed of operational and corporate developments at C3, including the selection of a new CEO.
