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LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION
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BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
26 September
2024
Graft Polymer (UK) Plc
(the "Company")
Appointment of biotechnology
industry leader Dennis Purcell as Chairman
and grant of
options
Graft Polymer (UK) PLC (LON: GPL),
an innovative biotechnology company focused on co-developing
therapeutics for mental health disorders, is pleased to announce
the appointment of Dennis Purcell to the Company's Board as
Chairman. Mr Purcell replaces Nicholas Nelson as Chairman,
who remains on the Board as a Non-Executive Director.
A pioneer in the biotechnology
industry, Mr Purcell is the Founder and
former Senior Managing Partner of Aisling Capital LLC ("Aisling
Capital"), a leading U.S. healthcare investment firm which has raised $1.8 billion
since its inception. Prior to founding Aisling Capital, Mr Purcell
served as Managing Director of the Healthcare Investment Banking
Group at Hambrecht & Quist (later part of JP Morgan), where he
led over $20 billion in financing for the pharmaceutical,
biotechnology and medical device sectors of the healthcare
industry.
Mr Purcell has extensive experience
in helping biotechnology companies access the capital markets,
along with deep involvement in mergers, acquisitions, and strategic
partnerships. His leadership has been instrumental in the success
of numerous early-stage companies. As Graft Polymer continues to
advance its co-development of therapeutics for mental health
disorders, Mr. Purcell's knowledge and global network will be
invaluable in expanding the Company's presence in both U.S. and
European markets.
As Chairman, Mr. Purcell will guide
the Company's collaborations, the first of which is with Awakn Life
Sciences Corp. ("Awakn"), a biotechnology company focused on
addiction and mental health. This partnership aims to co-develop a
new class of medicines for the treatment of trauma-related mental
health disorders, including Post-Traumatic Stress Disorder
("PTSD"). Mr Purcell was a Special Adviser to the CEO for Awakn for
a short period during 2022.
In consideration for becoming the
Company's Chairperson Mr Purcell has been granted 45,000,000
nominal cost options (with an exercise price of £0.001) over the
Company's ordinary shares under the Company's Long Term Incentive
Plan (the "LTIP"). These options will have a term of three years
from the date of grant and will vest in three equal parts: one
third immediately, one third on the first anniversary, and the
final third on the second anniversary of Mr Purcell's appointment.
Following this grant, the Company has a total of 55,000,000
outstanding options, equivalent to 2.2% of the Company's current
issued share capital.
Dennis Purcell commented: "I am
thrilled to join Graft Polymer's Board at such an exciting
juncture. The Company's collaboration model, starting with Awakn,
is poised to make a significant impact in the biopharmaceutical
sector - specifically in the area of treating addiction and mental
health issues, where there is an enormous opportunity. I look
forward to working closely with my fellow Board members and the
management team to drive growth, enhance shareholder value, and
bring transformational solutions to patients in need."
Nicholas Nelson commented: "Having joined the Board as
Chairman in March 2024 and led the Company through a successful
fundraising, in conjunction with Anthony Tennyson, my focus has
been on identifying the right Board composition to capitalise on
the opportunities in front of us. Having now reached an inflection
point, it is time to welcome Dennis to lead the board. The
appointment of an individual of Dennis' standing in the biotech
industry speaks volumes for what Graft Polymer is doing and I am
confident that Dennis's vast experience and connections in biotech
and capital markets will be instrumental in steering Graft Polymer
towards great success."
Enquiries:
Graft Polymer (UK) Plc
Anthony Tennyson, CEO and Executive Director.
anthonytennyson@graftpolymer.co.uk
Allenby Capital (Broker) +44 (0)
20 3328 5656
Nick Naylor
/ Liz Kirchner (Corporate Finance) | Guy McDougall
(Sales)
About Graft Polymer (UK) Plc
Graft Polymer (UK) Plc is an
innovative biotechnology company focused on developing intellectual property relating to the treatment of
mental health and substance use disorders, and the co-development
of therapeutics for mental health disorders. Our mission is to improve outcomes for individuals
suffering from these conditions, with an initial focus on
trauma-related mental health disorders, such as PTSD, which affects
approximately 13 million adults in the U.S. and 20 million in US,
UK, and key EU markets.
For more information, please visit
www.graftpolymer.co.uk.
