21 May 2008 07:00
Succession Plan
LONDON, UK, 21 May 2008 - At its Annual General Meeting later today, SkyePharma PLC (LSE: SKP) will announce that its Chief Executive Officer, Frank Condella, intends to step down from his executive position once the Company has completed its financial restructuring by refinancing or renegotiating its convertible bonds. In accordance with the Company's management succession plan Frank Condella will be succeeded by Dr Ken Cunningham, currently Chief Operating Officer.
The Board is looking to announce definitive plans for refinancing or renegotiating the convertible bonds once it has announced the results of two further pivotal Phase III efficacy trials (SKY2028-3-004 and SKY2028-3-001) of the Company's lead product for the treatment of asthma, Flutiform™. As announced in the Interim Management Statement on 19 May 2008, these trial results are anticipated this summer. Mr Condella will continue on the Board as a Non-Executive Director of the Company once the management changes have been effected.
Frank Condella, 53, was appointed CEO of SkyePharma in March 2006. During his tenure, he has successfully led a major restructuring of the Company's business and financial structure, including the sale of its loss-making Injectable Business, the CRC financing, the Paul Capital refinancing and an equity placing, all of which has enabled the Company to continue to fund the development of Flutiform™ and other products in the Company's pipeline. In addition, he has overseen the outlicensing of Flutiform™ in each of the world's major territories - to Kos Pharmaceuticals (now a subsidiary of Abbott) in the USA, Mundipharma in Europe and, most recently, Kyorin in Japan - as well as the Phase III development programme for Flutiform™, for which positive results have been reported in the first two of five Phase III clinical trials.
Ken Cunningham, 55, is an experienced chief executive officer and has worked closely with Frank Condella as Chief Operating Officer of SkyePharma since April 2006. Prior to joining SkyePharma, he was the CEO of the specialty pharmaceutical company, Arakis Limited, which was acquired by Sosei of Japan in 2005. During his career he has undertaken a number of senior international management and clinical development roles with Alza Corporation, Sequus Inc., GlaxoSmithKline and Warner Lambert.
Commenting on today's announcement, Jeremy Scudamore, Non-Executive Chairman of SkyePharma, said: "When Frank Condella joined SkyePharma in early 2006, the Company needed significant restructuring and over the past two years he and his team have refocused and reorganised the Company such that it is now slimmer, fitter and well placed to grow in the future. The promise of the potential successful development of Flutiform™ is being underpinned by the positive results from the Phase III trials and Abbott's increased role in completing the development and filing in the USA. The Board would like to place on record its thanks and congratulations to Frank for his efforts over the past two years and we are delighted that he will be leading the Company through its final restructuring phase, and thereafter will continue his involvement with the Company as a Non-Executive Director."
Frank Condella said: "My time over the past two years at SkyePharma has been a fascinating challenge and after a great deal of hard work by all of our employees, I believe we are now strongly positioned to achieve the objectives we have been working towards - the filing and launch of Flutiform™ in the US and Europe, the continuing development of our pipeline and, most importantly, the generation of profits and value for shareholders. I look forward to working with Ken and the rest of the Executive team over the coming months as we prepare Flutiform™ for filing and complete the remaining tasks in the Company's restructuring."
For further information please contact:
| SkyePharma PLC | Frank Condella | +44 20 7491 1777 |
| During office hours | Ken Cunningham | |
| Peter Grant | ||
| Financial Dynamics (UK Enquiries) | David Yates | +44 20 7831 3113 |
| Outside office hours | Deborah Scott | |
| Trout Group (US Enquiries) | Christine Labaree | +1 617 583 1308 |
| Seth Lewis | ||
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of existing products to provide a clinical advantage and life-cycle extension. The Company has twelve approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com