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Osmetech plc ('Osmetech' or the 'Company')
Board changes
12 August 2008
Osmetech plc (OMH.L), the fast developing international molecular diagnostics business announces that Daryl Jay Faulkner, 59, will join the Company as Non-Executive Chairman with immediate effect. Gordon Hall, the Company’s current Chairman will step down but will remain on the Board as a Non-Executive Director.
Mr. Faulkner brings to Osmetech extensive experience in building and leading large businesses in the molecular diagnostics, life sciences and medical device industries. Most recently, he was President and Chief Executive Officer of molecular diagnostics company, Digene Corporation, and a member of its board of directors prior to the $1.6 billion sale to Qiagen N.V. in 2007. In the past year Mr. Faulkner has continued to provide consulting services to Qiagen related to the integration process after the merger.
Prior to joining Digene, Mr. Faulkner spent eight years at Invitrogen Corp., a life sciences company with more than $1 billion in revenues, serving in several senior level capacities, including Senior Vice President/General Manager for Strategic Business Units, Senior Vice President for Europe and Senior Vice President for International Operations. Previously, Mr. Faulkner served for 15 years in a variety of roles at Abbott Laboratories Inc., a diversified healthcare company.
Gordon Hall, Non-Executive Director of Osmetech said: “We are delighted to welcome Daryl Faulkner as our new Chairman for the next stage in the Company’s development. We are very excited by the growth prospects ahead of us and should benefit greatly from Daryl’s considerable expertise and directly relevant experience in the molecular diagnostics industry. It is a testimony to the strength of our technology, product offerings and market positioning that someone of Daryl’s calibre has elected to join Osmetech”
Daryl Faulkner said: “I look forward to working with the Osmetech team in developing the tremendous opportunities it has to grow and build value for shareholders. The Company is at an exciting stage in its development and well placed to take advantage of the anticipated growth in the rapidly growing molecular diagnostics market. It has a strong combination of technology, FDA cleared product and the people with the experience and talent necessary to drive the business forward to the next level.”
Osmetech also announces that Bruce Huebner has retired from the Company and consequently resigned as a Director of the Company. The Board of Directors of Osmetech would like to thank Bruce for his contribution to the development of the Group’s molecular diagnostics business during his time with Osmetech since the acquisition of the Clinical Micro Sensors, Inc. from Motorola, Inc. in 2005.
Osmetech plc +44 (0)207 849 6027
James White, Chief Executive Officer
David Sandilands, Chief Financial Officer
Madano Partnership +44 (0) 207 593 4000
Matthew Moth, Mark Way
Canacccord Adams Limited +44 (0) 207 050 6500
Robert Finlay
L. Warren Pimm
Save as disclosed below, there are no further disclosures required to be made pursuant to schedule 2, paragraph (g) of the AIM Rules for Companies.
Daryl Faulkner is currently a director of the Maryland Biotech Council and during the past 5 years has also been a director of Digene Corporation and Nanostream, Inc., Nanostream Inc, a private biotechnology tools and analysis equipment company, closed its operations on March 14, 2008 and is currently being voluntarily wound up with the expectation that it will discharge all of its liabilities in full. Mr. Faulkner was the Non-Executive Chairman of Nanostream until the company was recapitalized in 2006, after which he became a Director.
About Osmetech plc
(www.osmetech.com)
Osmetech plc is a public company listed on the AIM market of the London Stock Exchange. The company is a fast developing, international diagnostics business with operations in Boston and Pasadena in the US, serving the high growth molecular diagnostic market targeting hospitals and reference laboratories. Osmetech has rights to a strong portfolio of over 200 issued and pending patents and has launched its first generation eSensor 4800 platform, an electrochemistry-based array system, together with an FDA cleared in vitro diagnostic test for Cystic Fibrosis carrier detection. In July 2008, Osmetech received FDA clearance for its second generation eSensor XT-8 molecular diagnostics platform and Warfarin Sensitivity Test.