The CEO of Sareum Holdings plc, a clinical-stage biotechnology company developing next-generation kinase inhibitors for autoimmune disease and cancer, has stepped aside.
After 20 years with the company, co-founder Dr Tim Mitchell will transition to the part-time role of COO. He will continue to serve on Sareum’s board of directors.
Dr Stephen Parker, currently non-executive chairman, will assume the position of executive chairman on the board.
It currently intends to seek to appoint a new CEO, at the appropriate time, as the company and its future strategy develops.
“After many years as CEO, I am looking forward to transitioning into the role of chief operating officer,” said Dr Mitchell.
“I will continue to support Sareum’s mission and work closely with Stephen and the board as we advance the development of our pipeline.
“The positive data from the Phase 1 clinical trial of SDC-1801 highlights the potential of our lead product and sets a solid foundation for the future.”
Meanwhile, Clive Birch has been appointed as senior independent director.
“I’m really excited to be stepping into the position of executive chairman at Sareum at this critical time in the company’s history,” said Dr Parker.
“Tim’s decision to transition to the part-time role of COO comes at a time when we have achieved an important milestone of positive data from the Phase 1 trial of our lead product, SDC-1801.
“I would like to acknowledge the immense contribution Tim has made since founding the company 20 years ago. I wish him well as he takes up his new role at Sareum and I’m very pleased that we will continue to benefit from his expertise and experience.”