Genedrive PLC (AIM: GDR) shares dropped 10% after the announcement that CEO James Cheek has left the company by mutual agreement.
Dr. Gino Miele, formerly the chief scientific officer, has been appointed as the new CEO.
Miele, who joined Genedrive in 2011, has played a significant role in developing the company’s pharmacogenomic testing products. He has overseen regulatory approvals in the UK, Europe, and the Middle East, and secured NICE approvals for the Genedrive MT-RNR1 and CYP2C19 ID Kits.
Gino has been a key driver in the development of the genedrive instrumentation and products, positioning the Company at the forefront of pharmacogenomic testing in emergency healthcare settings and with the wider team has facilitated regulatory approval processes for the products throughout the UK, Europe and the Middle East.
Gino was instrumental in the NICE approval processes for both the Genedrive® MT-RNR1 ID Kit and the Genedrive® CYP2C19 ID Kit, securing the Group’s clinical trial agreement in the U.S., the recent FDA breakthrough device designation, and together with the genedrive commercial team is actively involved in generating a growing list of revenue opportunities in the UK and more widely.
Dr. Ian Gilham, Chairman of genedrive plc, said: “Gino has an unparallelled knowledge and understanding of the Company, products and commercial strategies. I have every confidence that the leadership team, headed by Gino and strongly supported by our Chief Financial Officer, Russ Shaw, will lead genedrive to a successful future. I would like to thank James for his contributions at genedrive and, on behalf of the board, wish him well for the future.”
In early trading, the stock was down 8.06% at 2.85p.
