Graft Polymer (UK) - Directorate Change and grant of options

Solvonis Therapeutics

26/09/2024 07:00

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RNS Number : 6777F  Graft Polymer (UK) PLC  26 September 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
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INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

26 September 2024

Graft Polymer (UK) Plc

(the "Company")

 

Appointment of biotechnology industry leader Dennis Purcell as Chairman

 

and grant of options

 

Graft Polymer (UK) PLC (LON: GPL), an innovative biotechnology company focused
on co-developing therapeutics for mental health disorders, is pleased to
announce the appointment of Dennis Purcell to the Company's Board as
Chairman.  Mr Purcell replaces Nicholas Nelson as Chairman, who remains on
the Board as a Non-Executive Director.

 

A pioneer in the biotechnology industry, Mr Purcell is the Founder and former
Senior Managing Partner of Aisling Capital LLC ("Aisling Capital"), a leading
U.S. healthcare investment firm which has raised $1.8 billion since its
inception. Prior to founding Aisling Capital, Mr Purcell served as Managing
Director of the Healthcare Investment Banking Group at Hambrecht & Quist
(later part of JP Morgan), where he led over $20 billion in financing for the
pharmaceutical, biotechnology and medical device sectors of the healthcare
industry.

 

Mr Purcell has extensive experience in helping biotechnology companies access
the capital markets, along with deep involvement in mergers, acquisitions, and
strategic partnerships. His leadership has been instrumental in the success of
numerous early-stage companies. As Graft Polymer continues to advance its
co-development of therapeutics for mental health disorders, Mr. Purcell's
knowledge and global network will be invaluable in expanding the Company's
presence in both U.S. and European markets.

 

As Chairman, Mr. Purcell will guide the Company's collaborations, the first of
which is with Awakn Life Sciences Corp. ("Awakn"), a biotechnology company
focused on addiction and mental health. This partnership aims to co-develop a
new class of medicines for the treatment of trauma-related mental health
disorders, including Post-Traumatic Stress Disorder ("PTSD"). Mr Purcell was a
Special Adviser to the CEO for Awakn for a short period during 2022.

 

In consideration for becoming the Company's Chairperson Mr Purcell has been
granted 45,000,000 nominal cost options (with an exercise price of £0.001)
over the Company's ordinary shares under the Company's Long Term Incentive
Plan (the "LTIP"). These options will have a term of three years from the date
of grant and will vest in three equal parts: one third immediately, one third
on the first anniversary, and the final third on the second anniversary of Mr
Purcell's appointment. Following this grant, the Company has a total of
55,000,000 outstanding options, equivalent to 2.2% of the Company's current
issued share capital.

 

Dennis Purcell commented: "I am thrilled to join Graft Polymer's Board at such
an exciting juncture. The Company's collaboration model, starting with Awakn,
is poised to make a significant impact in the biopharmaceutical sector -
specifically in the area of treating addiction and mental health issues, where
there is an enormous opportunity. I look forward to working closely with my
fellow Board members and the management team to drive growth, enhance
shareholder value, and bring transformational solutions to patients in need."

 

Nicholas Nelson commented: "Having joined the Board as Chairman in March 2024
and led the Company through a successful fundraising, in conjunction with
Anthony Tennyson, my focus has been on identifying the right Board composition
to capitalise on the opportunities in front of us. Having now reached an
inflection point, it is time to welcome Dennis to lead the board.  The
appointment of an individual of Dennis' standing in the biotech industry
speaks volumes for what Graft Polymer is doing and I am confident that
Dennis's vast experience and connections in biotech and capital markets will
be instrumental in steering Graft Polymer towards great success."

 

 

Enquiries:

Graft Polymer (UK) Plc

Anthony Tennyson, CEO and Executive Director.
anthonytennyson@graftpolymer.co.uk

 

Allenby Capital (Broker) +44 (0) 20 3328 5656

Nick Naylor / Liz Kirchner (Corporate Finance) | Guy McDougall (Sales)

 

 

About Graft Polymer (UK) Plc

 

Graft Polymer (UK) Plc is an innovative biotechnology company focused on
developing intellectual property relating to the treatment of mental health
and substance use disorders, and the co-development of therapeutics for mental
health disorders.  Our mission is to improve outcomes for individuals
suffering from these conditions, with an initial focus on trauma-related
mental health disorders, such as PTSD, which affects approximately 13 million
adults in the U.S. and 20 million in US, UK, and key EU markets.

 

For more information, please visit www.graftpolymer.co.uk.

 

 

 

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