Epitan CEO replaced, appoints CSO
Monday, 28 November, 2005
Melbourne-based Epitan's (ASX:EPT, ADR:EPTNY, XETRA:UR9) CEO Iain Kirkwood has been replaced by Dr Philippe Wolgen, effective immediately.
Kirkwood joined Epitan in early 2003 as the company's CFO, and took over from founder Wayne Millen as CEO in January this year. He will continue in a consulting role to the company.
"After more than two years, I now feel that it is time to step down," said Kirkwood in a statement.
Millen, who had remained on Epitan's board as a non-executive chairman, was replaced by former Peptech (ASX:PTD) CEO Roger Aston in October. Aston joined Epitan's board in April 2005 and following the management changes will now be taking up an executive role with the company.
"Epitan needs to focus more of its development activities in the US and the EU, the principal markets for the company's lead product EPT1647," said Aston in a statement. "We need a management team with global experience in life sciences and an international outlook to manage the pivotal stages of EPT1647. In Dr Wolgen, Epitan now has found a medically qualified CEO."
Philippe Wolgen joined Epitan's board on October 1. He has experience in bringing craniofacial medical devices to market and formerly managed a pharmaceutical company in The Netherlands based MOG Group.
Epitan has also appointed founding board member Dr Hank Agersborg as CSO. A former president of Wyeth-Ayerst Research -- the US pharmaceutical research arm of American Home Products Corporation -- Agersborg has held management roles with US life sciences companies such as Collagenex, CV Therapeutics and Immtech.
Both Wolgen and Agersborg will be based in Melbourne.
Cash injection
Epitan's cash reserves have also been boosted by an additional AUD$10 million in funding from Absolute Capital Management.
The funding has warrant coverage, is marked to milestones and gives Epitan a cash balance of $20 million, which will allow the company to progress its lead drug EPT1647, formerly known as Melanotan, into phase III clinical trials.
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