St Albans, UK, 6 April 2005 - ML Laboratories PLC (LSE: MLB) today announces the appointment of Fred Hallsworth as a non-executive director and Chairman of the Audit Committee with immediate effect.
From 2002 until the end of January 2005, Fred Hallsworth, BAcc, CA, was Senior Client Service Partner at Deloitte. Prior to this, Fred spent 25 years with Andersen where he held a number of senior management positions, including Managing Partner of the Cambridge office, and latterly Managing Partner of Scotland. His recent life sciences experience includes working with Inveresk Research Group Inc on the 1999 management buyout, the 2001 acquisition of Clintrials, the IPO on NASDAQ in 2002, and the $3.5 billion merger with Charles River Laboratories, Inc in 2004. Fred is a Non-Executive Director of Scottish Enterprise and has held a number of other Board positions, including at CBI Scotland, Scottish Institute for Enterprise and the University of Cambridge Finance Committee.
Ian Kent, Executive Chairman of ML Laboratories, said:
"We are delighted to welcome Fred to the Board and as Chair of the Audit Committee. With his extensive financial experience, including fundraisings, mergers and acquisitions and other corporate transactions, Fred will provide a valuable contribution as we implement our turnaround plans for the Group."
There are no details to be disclosed under paragraph 6.F.2 (b) to (g) of the Listing Rules.
ML Laboratories Tel: 01727 739300
Ian Kent, Executive Chairman
Kieran Murphy, Chief Executive Officer
Financial Dynamics Tel: 07747 602 739 / 020 7831 3113
Sarah MacLeod / David Yates
Notes to Editors
ML operates through two divisions, both focused on the development of high value pharmaceutical products - Innovata Biomed, the Group's respiratory division, and ML Pharmaceuticals, a pharmaceutical product development business.
Innovata Biomed (IB) is a leading independent provider of inhaled drug delivery technologies to the global pharmaceutical industry, formulating dry powders and developing proprietary inhaler systems through to full industrialisation. IB's proven delivery technologies are available for proof-of-principle testing and as fast-to-market drug delivery solutions. It has a number of respiratory products both in development and marketed by pharmaceutical company licensees including Celltech, Otsuka and Pliva.
ML's pharmaceutical product development division, ML Pharmaceuticals, contains both marketed products and new therapeutics in clinical development. Marketed products include Extraneal for the treatment of renal failure, which has been licensed to Baxter, and Adept for the reduction of adhesions in abdominal surgery, which is marketed by Shire Pharmaceuticals in Europe. New therapeutic products in development include Alpharen, a phosphate binder to assist the management of kidney failure, treatments for prostate and skin cancer and a pain management compound.