Executive chair steps down amid funding uncertainty

Listed biotech company, Tissue Regenix has announced that its executive chair, John Samuel plans to step down from from both that role and as a board member after 12 years with the company.

Thew news follows a rocky 12 months for the Leeds-based business which included a drop in share value following it failing a covenant test for £16m loan, and a cyber security incident in the USA in January.

Samuel is the third senior figure to leave the company since August with the company’s CEO, Steve Couldwell, stepping down in down that month due to health reasons and the CFO, Mike Barker, leaving in November, citing personal reasons.

The firm also announced at the start of 2020 that the “Board believes the available cash runway will continue to support the working capital requirement of the company until the end of April 2020.” It also announced plans to look for other sources of funding for the business in the near future, however no update has yet been provided.

Samuel will be replaced by Jonathan Glenn, a current non-executive director of the firm as non-executive chair on an interim basis with immediate effect.

Randeep Grewal, Chair of the nomination committee, commented: “On behalf of the Board I would like to thank John for his commitment and contribution to the Company over many years. John has been pivotal in building the Company from a small start-up to its present form.

“I am pleased to welcome Jonathan Glenn to the position of interim Chair. Jonathan brings with him a deep understanding of the healthcare industry and experience in leading companies through successful growth phases. Jonathan’s knowledge and leadership will be increasingly valuable as we look to secure the next stage of our commercial development.”

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