British Biotech appoints new Chairman
04 December 2002
British Biotech plc (LSE: BBG, Nasdaq: BBIOY) announces that Dr Peter Fellner has today been elected to its Board of Directors, and will be appointed non-executive Chairman with effect from 1 January, 2003. He will succeed Mr Christopher Hampson CBE, who will be retiring on 31 December, 2002 after serving as Chairman since 1998.
Dr Fellner (58) has been Chief Executive Officer of Celltech Group plc since 1990, and is Chairman-designate. He will become Chairman of Celltech when his successor as Chief Executive Officer takes up his appointment, which is expected in early 2003.
Dr Peter Fellner commented: "There is currently a significant opportunity to create value within the biotechnology sector, through the consolidation of companies with good R&D and/or pipeline products, which are hampered by high cost bases and inadequate financial resources. British Biotech has a strong balance sheet and high quality development skills upon which to build, and I very much look forward to helping create value for the company's shareholders".
Mr Christopher Hampson said: "British Biotech is fortunate to have attracted a man of Dr Fellner's experience and knowledge to become Chairman. I am confident that he will bring added impetus to the Company's future progress."
Mr Tim Edwards, acting Chief Executive Officer of British Biotech, said: "On behalf of the Board of British Biotech, I would like to thank Christopher Hampson for his very important contribution to the Company during his four years as Chairman. In Peter Fellner, we have a successor who is well equipped to ensure that the opportunities that lie ahead for British Biotech are maximised. I look forward to working with him."
There are no other disclosures required regarding Dr Fellner in respect of paragraphs 6.F.2(b) to (g) of the Listing Rules.
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This news release contains forward-looking statements that reflect the Company's current expectations regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory process.
