Stem Cell Sciences relocates commercial ops, head office to Cambridge
Stem Cell Sciences plc (STEM.L) said it will be consolidating commercial operations and all senior management into existing and expanded facilities in Cambridge and closing its facilities in Edinburgh.
Stem Cell Sciences is listed on London’s AIM market and in Australia. It provides cells and cell culture media to the burgeoning stem cell research market. Its market capitalisation is around £8.6m.
The relocation is part of the implementation of a restructuring program initiated late last when new CEO Alastair Riddell (pictured) was appointed.
Dr Riddell said: "This restructuring will provide the basis of a new, more commercially-orientated Stem Cell Sciences. We believe we have the people, the products and technological understanding to play a key role in the growing stem cell research market. These changes provide increased operational efficiency and place us in a better position to deliver shareholder value."
SCS said it was is in a prime position to take advantage of the growing need by the pharmaceutical industry for an automated, scalable supply of high quality cell lines for drug research. The firm intends to increase its business development in this potentially lucrative market opportunity. In addition, SCS will initiate a program to realise full commercial value of its existing intellectual property portfolio through the signing of a series of non-exclusive licenses.
SCS is in the process of moving into expanded laboratory and administration facilities on the Babraham Research Campus in Cambridge, next to their existing facility. The new premises will become the operational headquarters from March 1st, housing all administrative and operational functions as well as all senior management, including new CEO Dr Riddell.
The Cambridge site is already home to SCS' pharmaceutical services division, which it believes will be a key driver of future growth for the company.
SCS will close its Edinburgh operations by May. All employees have been offered positions in Cambridge but it is expected that some will opt not to move and these will be made redundant.
SCS’s facility in Melbourne Australia will concentrate on advancing pioneering stem cell research, such as the advances being made with rat embryonic stem cells.
As part of the restructuring, some of the management team have decided not to relocate. These include Executive Directors Dr Peter Mountford, former CEO and Chief Technology Officer (Australia) and Hugh Ilyine, Vice President and Chief Operations Officer. Dr Mountford will remain as a Non-Executive Director and consultant to evaluate new strategic growth opportunities.
Finance Director Sue Furber has decided not to relocate. She will be replaced by Giorgio Reggiani, who will act as interim Finance Director. Mr Reggiani is a Chartered Management Accountant with extensive senior financial managerial experience. He currently also serves as Finance Director at Sareum Holdings plc.
15th February 2008
