Epitan CEO retires

Epitan (ASX: EPT) has promoted its CFO Iain Kirkwood to CEO, replacing retiring CEO Wayne Millen.

Millen, a major shareholder in the company, will remain on Epitan's board as non- executive chairman, while Kirkwood will join the board upon taking up the role of CEO in February. More directors are also being sought for the board as the company moves to expand its clinical programs in Europe and the US, and seeks partners and allies in the pharmaceutical industry to assist with the commercialisation of its lead drug Melanotan, which is expected to be launched in late 2006 or 2007.

Last year the company also took on three dermatological products as the next step in building a specialty pharmaceutical business. Two of the products are already TGA registered while the third is awaiting TGA approval for sale, and the company has predicted sales revenues of AUD$3 million in the 2005-2006 financial year.

"The company is gaining traction, not only with Melanotan, but also with in-licensing," Kirkwood said. "I'm looking forward to the challenge."

He said that as Epitan moved toward commercialisation of Melanotan and built its pharmaceutical business, it required management with different skill sets.

Kirkwood has 30 years of corporate financial and commercial experience including a three-year stint as CFO for FH Faulding prior to that company being acquired by Mayne, and is on the boards of two other companies in the healthcare/pharma space -- devices company Medical Developments International (ASX: MVP) and ophthalmic group Vision Group Holdings (ASX: VGH). He has been with Epitan since early 2003.