Strategy Update and Board Changes


 

TIDMOXN 
 
RNS Number : 4642U 
Oxonica plc 
24 June 2009 
 

 
 
24 June 2009 
 
 
Oxonica plc 
 
 
Strategy Update and Board Changes 
 
 
Oxonica plc ("Oxonica, the Group or the Company"), a leading international 
nanomaterials group, today announces further details regarding the future 
strategic positioning of the Company, associated cost reductions and changes to 
the Board. 
 
 
As set out in the Group's 2008 Annual Report and the AGM Statement issued on 18 
June 2009, the Board's objective is to improve the profitability of Oxonica and 
ensure that the Group has a sustainable position from which to build for the 
future. It is the Board's intention to achieve this within the Group's current 
resources. 
 
 
Oxonica's strategy was set-out in the AIM Admission Document issued in July 
2005. This document stated that the Group's strategy was to introduce products 
to large end user markets, to establish the customer value proposition, create 
customer demand and outsource manufacturing. The objective was then to seek to 
form partnerships with international brand owners to maximise market reach. 
 
Having developed product offerings in all of its businesses, Oxonica is now 
focusing on partnering the Group's businesses to secure profitable platforms for 
growth. In 2008, Oxonica's Diagnostics business was partnered with BD and the 
Company is currently in partnering discussions for its remaining three 
businesses. The structure and value of the resulting partnerships will be 
announced on completion of the negotiations. 
 
 
The Board has also been reviewing the cost base of the business. As a result of 
this review the Board announced on 18 June 2009 its intention to seek 
shareholders' approval for the cancellation of the admission of the Company's 
shares to trading on AIM. 
 
 
In parallel with these strategic developments, Dr Kevin Matthews, Oxonica's CEO, 
has informed the Company of his intention to resign from the Board. Dr Matthews 
has been offered the opportunity of joining and leading a private biotechnology 
business and will leave the Company on 29 September 2009. Commenting on this 
decision,Richard Farleigh, Oxonica's Chairman said, "Kevin joined Oxonica when 
it was a research team with the challenge of identifying market needs for the 
technology, developing products and growing the business through to 
profitability. With the establishment of the partnerships across the Group's 
businesses this strategy will have been realised. The Board would like to thank 
Dr Matthews for his leadership of the Company over the past 8 years and wishes 
him well in his future career". The Company is commencing the search for a 
replacement for Dr Matthews. In the meantime Richard Clarke, CFO will assume the 
role of CEO. 
 
 
In addition, Oxonica needs to ensure that the Group is appropriately structured 
given the proposed de-listing from AIM and partnering activities. A redundancy 
programme has been initiated in the UK with a number of individuals being 
informed that their jobs are at risk. The size of the Board will also be 
reduced. Ed Weeks currently the senior independent director and Chairman of the 
Remuneration Committee will step down from the Board on 29th September 2009. 
 
 
The Board believes that the successful completion of the partnership discussions 
currently in progress along with the cost reductions and Board changes will 
result in Oxonica being able to achieve a cash break-even position with a 
sustainable, relatively low-risk business model. 
 
 
 
 
 
For further information, please contact: 
 
 
Oxonica plc    01865 856 700 
Kevin Matthews, Chief Executive 
Richard Clarke, Finance Director 
 
 
Panmure Gordon020 7459 3600 
Hugh Morgan 
Andrew Potts 
 
 
 
 
Notes to Editors 
 
 
About Oxonica plc - www.oxonica.com 
 
 
Oxonica (AIM: OXN.L) is a leading nanomaterials group with products already 
launched into international markets. Oxonica's leading product is Envirox(TM) 
Fuel Borne Catalyst - a nanocatalyst improving fuel economy and reducing 
emissions. The Group has also developed Optisol(TM), a photostable UV protection 
system designed to optimise the performance of quality sunscreens and 
anti-premature ageing products, and 
generates licence and development revenue from activities in the clinical 
diagnostics and security markets. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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