Midatech said its CEO, Dr Jim Phillips will step down at the end of May 2018 after five years, and he will be replaced by the current Chief Operating Officer and Head of Research & Development, Dr Craig Cook.
The transition period will be three months, and the proposed Board member and successor to the CEO will effectively take the office from 1 June 2018. Midatech also said that Dr Steve Damment, currently Senior Vice President of Translational Medicine, will be promoted to the role of Head of Research & Development previously held by Dr Cook.
Rolf Stahel, Non-Executive Chairman of the Board, said Dr Cook is a good internal candidate who can take over responsibility as CEO, ensuring continuity and a controlled handover. “Craig will provide strong leadership, demonstrated expertise, a deep understanding of the business, and a relentless focus on delivery of key value-driving programs to take Midatech into its next phase of growth. We have every confidence that Craig, together with his senior management team, will drive Midatech to a successful future,” said Stahel.
Dr Craig Cook, Chief Executive Officer-designate, said this is crucial time for the company as it takes key research programs into clinical development. He pointed out that the fundamentals of Midatech are strong, with its promising technologies underpinning a compelling pipeline of oncology and immunotherapy assets. “We are well positioned and have a clear strategy to deliver transformative therapies for patients with devastating rare oncology diseases,” Cook said.