Seven directors out at Anglo-US biotech firm
Wednesday 02 September 1998
The Anglo-American bio-technology company is best known for its anti- venom serum for snakebites, particularly those of rattlesnakes and the North American viper.
At the same time as the company announced the board restructuring, it also said it was going to appoint a finance director to be based in London. The company, which is based in Tennessee but listed in the UK, plans to move its domicile to London ahead of a planned fund-raising exercise.
"The likely place to raise money is in London and UK institutions like to see British companies run by a Brit," Mr Wallis said.
He added: "I really enjoyed my time at Fisons and I had been thinking I would like to get involved in the pharmaceutical sector again." He said Therapeutic Antibodies had become aware that its board was too large, unwieldy and expensive. The seven directors to go included Professor John Landon, one of the company's founders.
Mr Wallis has enjoyed a terrific run of good fortune. He netted around pounds 1m from his stake in Scholl, the footcare company, when it was sold to Seton Healthier in May.
His stake in LLP, the Lloyd's List publisher, was worth around pounds 2m when the group floated this year. He has also made substantial sums from the sale of Sheffield Forgemasters, the engineering group, and from the takeover of Fisons in 1995.
Shares in Therapeutic Antibodies closed 2.5p up at 77.5p. They were 263.5p last autumn.
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 3 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 4 Ball pool for adults opens in London
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Isis 'throw man off a building for homosexual affair' and beat him to death when he survives
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...