The founder and chief executive of a North East pharmaceutical firm valued at more than £100m has announced his immediate resignation.
Carl Sterritt has stepped down from the board of Gateshead’s Shield Therapeutics, which he founded in 2008 and led to flotation on the Stock Exchange in 2016.
Mr Sterritt will be replaced by current chief financial officer Tim Watts, though he has agreed to stay on in an advisory role in the coming months to help Shield finalise a partnering agreement for its Ferracru/Accrufer drug in the United States.
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Mr Watts joined Shield in 2018 and has extensive biotech and pharmaceutical experience, having previously been CFO of Oxford BioMedica and Archimedes Pharma, preceded by 22 years at AstraZeneca.
Shield chairman James Karis said: “On behalf of the board, I would like to extend our sincere thanks to Carl for the very substantial contribution that he has made to Shield since he founded the company. His entrepreneurial approach, drive and determination have enabled the company to successfully develop Feraccru/Accrufer and build the business to what it is today.
“His ongoing support is welcome and I wish him and his family all the best for the future.
“Looking forward, I am very pleased that Tim Watts has agreed to assume the role of CEO. His knowledge of the company and his strong biopharmaceutical background will be critical to further advancing the business.”
Mr Sterritt formed Shield in 2008 and identified and acquired Ferracru, a new treatment for iron deficiency, as its main product. The company has signed a number of lucrative licencing agreements for the drug around the world and is seeking a deal in the US.
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The company floated on the Stock Exchange in 2016 but shares its shares plunge in 2018 when Ferracru initially failed to reach initial trial targets needed to get onto the US market.
But the company’s value recovered later in the year when subsequent trials were more successful.
In the announcement on Mr Sterritt’s resignation, Shield revealed that its second product - a treatment for hyperphosphatemia currently called PT20 - needed just one more positive study before marketing authorisations can be requested.
Mr Sterritt said: “Since founding the company over 10 years ago I am immensely proud of what we have achieved at Shield Therapeutics and my sincere thanks go to all of those colleagues who have been part of what has been an incredible journey for me.
“Feraccru/Accrufer is a uniquely effective product that I am sure will go on to become a major commercial success and in the immediate future I look forward to supporting Tim and the team in completing the partnering process for Feraccru/Accrufer in the USA.”
Mr Watts said: “I am honoured to have the opportunity to take on this role at this important time for Shield and thank the board for its support. I am also pleased that Carl will serve in an advisory capacity so that we can ensure a smooth transition.
“Shield has a strong and dedicated team, and I look forward to working together to achieve the company’s goals.”