Genedrive chair to step down; adds shareholder David Nugent to board

Genedrive PLC on Tuesday said it has appointed a major shareholder to its board, as it reported that Chair Ian Gilham plans to step down by the end of June.

The Manchester, England-based point-of-care pharmacogenetic testing company said it has appointed David Nugent, who owns over 25% of the company’s issued share capital, to the board as a non-executive director, with immediate effect.

The company noted that Nugent is the company’s biggest shareholder and has chosen not to be paid a fee for his role until the company is earnings before interest, tax, depreciation and amortisation positive.

Genedrive also said that Ian Gilham, who has been acting chair since 2015, plans to step down by the end of next month, adding that Non-Executive Director Chris Yates also intends to step down.

The company said Yates will support with the process to appoint new non-executive board members ahead of stepping down in the coming weeks.

Genedrive said it is beginning the process to find a new independent non-executive chair, as well as two other independent non-executive directors.

Shares in Genedrive rose 3.5% to 1.19 pence around midday on Tuesday in London.

‘On behalf of my fellow directors I am pleased to welcome David onto the voard today. His support for the company has been critical to funding our continued growth strategy and we look forward to working closely with him as we execute against our plans to increase the sales and adoption of our two pharmacogenetic tests,’ said Chair Ian Gilham.

‘Having served as director of the company since 2014 it is appropriate that we start the process to find a new non-executive chairman and the company will update shareholders on this process in due course.’

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