Sydney, April 11, 2006 (ABN Newswire) - Clinical Cell Culture Ltd (ASX: CCE) today announced that Managing Director Troels Jordansen had indicated his intention to step down from his position as Chief Executive Officer by mutual agreement with the Board of Directors.
Mr Jordansen will remain with C3 until 31 May 2006 to assist with an orderly transition. C3 also announced that Clinical Professor Fiona Wood has rejoined the Board with immediate effect. UK-based non-executive director David Imperiali also steps down from the Board with immediate effect.
C3's CFO and Company Secretary Andrew Cannon will become interim CEO as from 1
June 2006, pending the appointment of a permanent CEO. C3 Chairman Dalton Gooding thanked Mr Jordansen for his work on behalf of C3 and wished him well for the future.
"Troels has been a key figure in the internationalisation of C3 and the commercialisation of its tissue engineering technology," said Mr Gooding. "He has overseen the development of C3 operations to the point where the company is now in a position to aggressively pursue sales penetration in a range of international
markets where we have secured regulatory approval."
Mr Gooding also thanked Mr Imperiali for his contribution to the C3 Board. Mr Jordansen said he remained a strong supporter of C3 and continued to believe the
Company's products would reach their commercial potential.
"With the approval of ReCell(R) in Australia by the Therapeutic Goods Administration, I feel I have taken C3 as far as I can. I believe the management team has the right mix of skills and experience to continue to build the company from its current base," he said.
Mr Gooding said the re-appointment of Clinical Professor Fiona Wood as a non-executive director was an important move by the C3 Board.
"Our immediate priorities are achieving sales penetration in approved markets, managing regulatory approval processes especially in the United States, and restoring C3's reputation in investor markets," he said.
"Fiona will play a vital role in all three areas in the months ahead." Clinical Professor Wood said she looked forward to the fresh challenge and was confident
C3 had a very bright future.
C3 products are now approved for sale in major global markets such as Europe and Japan. However, C3 has experienced delays in achieving sales penetration in these markets and needs to achieve greater take-up by medical specialists who like the products but have been slow to adopt them in clinical practice.
"Surgeons have responded very well to our products - our challenge is now to translate this enthusiasm into surgical activity with cell based therapies, especially ReCell(R)," said Clinical Professor Wood.
Mr Gooding said C3 would undertake an Australian investor roadshow in the near future and would keep the market constantly informed of operational and corporate developments at C3, including the selection of a new CEO.
C3 will be hosting an Investor Conference call Wednesday 12 April 2006, 11.00am Sydney time. Available to answer questions will be Dalton Gooding, C3 Chairman and Andrew Cannon, CFO. To participate in the investor conference call as an Australian investor please call 02 8251 8117 followed by C3's Account Number 72271780, followed by C3's Guest Pin 6125#. This electronic service only allows 30 participants.
Contact
Andrew Cannon or Troels Jordansen
Clinical Cell Culture
Tel: +44 (0)1223 341 150
Email: investor@clinicalcellculture.com
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