Cortecs replies

Cortecs, the biotechnology company, yesterday sought to explain its handling of Glen Travers's departure as chief executive earlier this week. Without commenting on Mr Travers directly, Michael Flynn, the new acting chief executive, indicated that it was the "natural course of events" for entrepreneurial companies to outgrow their founders. Lord Patten of Wincanton, the former Conservative cabinet minister, has since been appointed Cortecs' non-executive chairman.

The company also announced yesterday that it has signed new marketing agreements with Becton Dickinson of the US that could earn it a minimum $15m over five years.