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GeneMedix quits region for Ireland

Written by Ben Fountain

Wednesday, 12 December 2007

Bowing out: Former CEO, Julian Attfield Generic drugs developer, GeneMedix is to end its troubled association with the East of England by closing its Newmarket facility. The closure looks likely to cost the lab's eight employees their jobs. The company announced at the end of last month that it planned to relocate its headquarters to Ireland, but has now decided to close down its Suffolk base completely and almost immediately. A statement from the company said the move would be completed by 15 January 2008. A company statement said: "The infrastructure and resources available in Ireland have been expanded significantly over the past year, and it is now felt that the integration of the company with Reliance Life Sciences (RLS) is sufficiently advanced that the company's operations can be better managed from Ireland. All of the company's East of England employees are being offered positions within the new Irish operation, but GeneMedix concedes that "it is unlikely, due to personal circumstances, that any of the staff based in the Company's head office in Newmarket will be moving permanently to Ireland. Julian Attfield, the company's current CEO and CFO, will not be relocating and will be leaving at the end of this month. Dr Kim Tan, the company's non-exec chairman said: "Julian leaves the company at an exciting point in its development and I would like to thank him on behalf of the board for his hard work and the contribution he has made to GeneMedix." Vinay Ranade will take over as CEO from 1 January 2008. GeneMedix suffered protracted financial difficulties before agreeing a rescue package with Reliance Life Sciences at the beginning of this year. The deal saw RLS investing an initial £14.6m, representing a controlling interest of 74 per cent of GeneMedix's enlarged share capital. A five year warrant was also issued, providing for the option of a further £17.5m investment. RLS is part of Reliance Group, the largest private sector enterprise in India. GeneMedix is developing bio-generics, its own version of biotech drugs for which the patents of existing treatments are soon to lapse.

 

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