TIDMNGG
RNS Number : 8235C
NextGen Group PLC
08 May 2012
May 8 2012
Issued by NextGen Group Plc
NextGen appoints new Director to Board
-- Previously helped drive growth of Prometheus to US $519m net
sales, enabling successful sale to Nestle Health Science
-- Appointment includes the purchase of 2.5% of NextGen shares at 100p per share
NextGen Group Plc (AIM: NGG), the AIM listed biomarker discovery
and testing services company, has appointed Lee McCracken, the
personalized medicine / life sciences industry veteran, to its
Board of Directors with immediate effect. Lee will oversee the
strategic development of NextGen as it moves to rapidly expand its
efforts in the diagnostics market.
Lee McCracken was previously Corporate Head of Business
Development at Prometheus Laboratories, where he helped to drive
the company's growth through multiple strategic asset transactions.
During his tenure, net sales grew about five-fold, from US $90
million in 2004 to $519 million in 2010.
Prometheus Laboratories, the diagnostic and specialty
pharmaceutical company, was successfully sold to Nestle Health
Science in 2011, for an undisclosed amount.
Previously, Lee held other life sciences roles as President of
GenStar Therapuetics, a biotechnology company and as Managing
Director of Allergan subsidiary Pacific Pharma. Lee also has eight
years' experience within private equity funding including four
years with 3i Group in the US.
NextGen Group Plc ("NextGen") listed on AIM in December 2005.
The company has recently announced significant progress in its
plans to develop diagnostics with applications to central nervous
system disorders such as dementia, multiple sclerosis, Parkinson's
disease and traumatic brain injuries.
In March NextGen filed for intellectual property (IP) on several
biomarkers that can be used in the diagnosis of patients with
early-stage dementia.
Lee McCracken says: "NextGen has positioned itself to make rapid
progress in the diagnostics arena. The science and technology
foundation is in place and the team is now establishing an
impressive track record in the biomarker discovery field. I'm
impressed by their scientific discoveries and progress and by their
plans for development."
"NextGen is developing an exciting pipeline of projects on a
wide range of central nervous system disorders where there is
massive market need both within the pharmaceutical development and
wider patient healthcare industries. Several of these projects have
potential market opportunities that exceed one billion USD."
Lee has bought a 2.5% equity stake in NextGen. Lee purchased
362,340 shares at 100 pence per share.
Klaus Rosenau, Chairman at NextGen says: "Lee has an impressive
track record of strategically developing and exploiting growth
opportunities, delivering results, and building teams within the
biotech space and, in particular, the personalized medicine
sector."
"Lee's understanding of and insight into the diagnostic's
industry, together with his comprehensive knowledge of what is
required to position companies to attract investment, means that we
have in place another crucial element to drive our future growth
plans."
"His appointment provides a strong vote of confidence in the
strategy NextGen has adopted following the operational and
strategic restructuring of 2010-2011."
Matters disclosed under paragraph (g) of Schedule 2 ofthe AIM
Rules
Lee Roy McCracken, aged 54, is or has been a director or partner
of the following companies or partnerships during the previous five
years:
Current Previous
McCracken Consulting None
The Company confirms that there are no other matters which are
required to be announced with regard to this appointment under
paragraph (g) of Schedule 2 of the AIM Rules.
ENDS
Notes to Editors:
NextGen Group Plc (AIM: NGG) is a provider of biomarker services
for pharmaceutical and biotech companies globally through its
USA-based subsidiary, NextGen Sciences Inc and a developer of
diagnostic markers and assays through its second US-based
subsidiary, NextGen Sciences Dx. Using advanced techniques, such as
Multiple Reaction Monitoring (MRM) mass spectrometry analysis, the
Company is developing a portfolio of robust assays for testing
clinical samples for drug safety and efficacy, and the development
of personalized treatment for patients.
NextGen Sciences Inc is a wholly owned, operational subsidiary
of NextGen Group Plc and is headquartered in Ann Arbor, Michigan,
USA. NextGen Sciences' range of services, which include biomarker
discovery, assay development, validation and testing are employed
by its customers as a key part of the biomarker-based drug and
diagnostic development process.
NextGen Sciences Dx Inc is a wholly owned, operational
subsidiary of NextGen Group Plc and is headquartered in Boston,
Massachusetts, USA. NextGen Sciences Dx utilises the expertise of
NextGen Sciences Inc to discover biomarkers and develop assays for
point-of-care diagnostics, to assist in patient treatment, for
selection of patients for clinical trials and to aid
decision-making on efficacy determination for therapeutic
development.
For further details please contact:
Klaus Rosenau
CEO & Chairman
NextGen Group
Tel: +49 (0)160 5516756
Barry McAleer PhD
CEO
NextGen Sciences Inc and NextGen Sciences Dx Inc
Tel: +44 (0)7825 413 110
Nicola Marrin
Seymour Pierce Limited
Tel: + 44 (0)20 7107 8000
Nick Mattison or Nick Croysdill
Mattison Public Relations
Tel: + 44 (0)20 7645 3636
This information is provided by RNS
The company news service from the London Stock Exchange
END
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