SOURCE: Protherics PLC

April 26, 2007 09:02 ET

Protherics PLC announces Board Changes

Cheshire, UK -- (MARKET WIRE) -- April 26, 2007 --

                                 Protherics PLC

                        Board changes and trading update

London, UK; Brentwood, TN, US; 26 April 2007 - Protherics PLC ("Protherics" or the "Company"), the international biopharmaceutical company focused on critical care and cancer, announces a number of changes to its Board and provides a trading update to the market.

Barry Riley has notified the Board that he intends to step down as Finance Director in August 2007. He will be succeeded by Rolf Soderstrom, currently a Divisional Finance Director of Cobham Plc, the GBP2.4 billion aerospace and defence business, who will join the Board as Finance Director upon Barry's departure.

Barry Riley, 58, joined Proteus International PLC in 1995 as Finance Director, and was instrumental in its merger with Therapeutic Antibodies Inc to create Protherics PLC in 1999. Barry has overseen a number of M&A and capital market transactions including the GBP38 million fundraising announced in December 2006 and has helped provide the Company with a solid platform for growth.

Rolf Soderstrom, 41, has been a Divisional Finance Director of Cobham Plc since January 2004, with finance function responsibility for an international portfolio of companies with combined annual revenues of GBP400 million. Prior to that, he was Director of Corporate Finance at Cable & Wireless Plc with responsibility for capital market transactions, mergers and acquisitions and working capital management. Rolf qualified as a Chartered Accountant with Deloitte Haskins and Sells and worked in the Corporate Recovery and Corporate Finance departments of Coopers & Lybrand and PricewaterhouseCoopers.

Protherics also announces today that Saul Komisar, President of Protherics Inc, has been promoted to the Board as an executive director, with immediate effect. Saul Komisar, 38, joined Protherics in 1996, and is responsible for Protherics' US operations. Prior to joining Protherics, he spent six years working in corporate finance specialised in the healthcare industry. Saul holds an MBA from The Owen Graduate School of Management at Vanderbilt University. Saul brings significant knowledge and experience of the US commercial environment as the Company continues to expand its operations in the US.

Protherics also provides a trading update today. Trading for the financial year ending 31 March 2007 is expected to be in-line with expectations, and includes a GBP10 million CytoFabTM milestone from AstraZeneca, payment of which has now been received.

Stuart Wallis, Chairman of Protherics, said:

"Barry Riley has played a crucial role in transforming Protherics from an early stage biotechnology company to an international biopharmaceutical business with a diversified, late-stage product portfolio. The Board and I would like to thank him for his important contribution to the business and wish him well for the future.

"I would like to welcome Rolf and Saul to the Board. Rolf has an excellent track record in many aspects of finance with a number of blue chip organisations and will play a key role in Protherics' aggressive growth plans over the coming years. Saul's promotion reflects the strong contribution he has made to our North American business over the last few years, and our increasing presence in this vital market."

There are no further details relating to the appointment of Rolf Soderstrom or Saul Komisar that are required to be disclosed pursuant to paragraph 9.6.13 (1-6) of the Listing Rules.

                                   |  Ends  |

For further information please contact:

Andrew Heath, CEO                                 +44 (0) 20 7246 9950
Nick Staples, Director of Corporate Affairs       +44 (0) 7919  480510
Saul Komisar, President Protherics Inc            +1 615 327 1027

Financial Dynamics - press enquiries
London: Ben Atwell, David Yates                    +44 (0) 20 7831 3113
New York: John Capodanno, Jonathan Birt            +1 212 850 5600

Or visit

Notes for Editors:

About Protherics

Protherics (LSE: PTI, NASDAQ: PTIL) is a leading biopharmaceutical company focused on the development, manufacture and marketing of specialised products for critical care and cancer.

Protherics has developed and manufactures two biologics for critical care which are FDA approved and currently sold in the US: CroFabTM, a pit viper antivenom and DigiFabTM, a digoxin antidote. The Company's strategy is to use the revenues generated from its marketed and out-licensed products to help fund the advancement of its broad, late stage pipeline.

Protherics has two major development opportunities in its critical care portfolio. CytoFabTM is being developed by AstraZeneca, for the treatment of severe sepsis, after a major GBP195 million ($340 million) licensing deal with AstraZeneca in December 2005. An additional, expanded phase 2 programme is planned to start in 2007. In addition, Protherics is currently undertaking a phase 2b study with Digoxin Immune Fabs for the treatment of pre-eclampsia. This study is expected to report in the first quarter of 2007.

Protherics has a pipeline of four novel cancer products in clinical development, where it intends to undertake their sales and marketing in the US and EU. Protherics is preparing to submit a BLA in the US for VoraxazeTM, an adjunct to high dose methotrexate therapy.

Protherics has a strong cash position, having completed a GBP38 million equity fundraising in December 2006 and having recently received a GBP10 million milestone payment from AstraZeneca.

With headquarters in London, the Company has approximately 260 employees across its operations in the UK, US and Australia.

For further information on Protherics or its products please visit


This document contains forward-looking statements that involve risks and uncertainties, including with respect to Protherics' product pipeline and anticipated development and clinical trials for product candidates. Although we believe that the expectations reflected in such forward-looking statements are reasonable at this time, we can give no assurance that such expectations will prove to be correct. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to many important factors, including the factors discussed in Protherics' Annual Report on Form 20-F and other reports filed from time to time with the U.S. Securities and Exchange Commission. We do not undertake to update any oral or written forward-looking statements that may be made by or on behalf of Protherics.

                      This information is provided by RNS
            The company news service from the London Stock Exchange