Biocompatible shares plunge after chief leaves

The value of shares in Biocompatible, the healthcare company, plunged by more than 40 per cent yesterday, after it announced that Alistair Taylor had resigned as president and chief executive. A company spokeswoman said he had lost the confidence of the board in his ability to find marketing partners for the company's innovative products. The shares fell 160p to 215p, wiping pounds 11m off its market value.

The board has formed a management committee which will be chaired by Jeremy Curnock Cook, ahead of the appointment of a new chief executive. In a statement the company said: "The management committee will focus on progressing on going discussions with potential commercial partners as well as reviewing the options for independent distribution of the company's stents in some markets."