Aptamer Group CEO leaves with immediate effect days after revenue warning issued

Aptamer said the search for a new permanent CEO was beginning “immediately”.

The firm, based at York Science Park, supplies pharmaceutical companies with Optimer binders that can be used as synthetic antibody alternatives to assist researchers working across the bioprocessing, diagnostic, and drug development sectors.

Dr Gilham said: “I'd like to thank Arron for his achievements in building a company that is now providing its leading aptamer solutions to 15 of the top 20 pharmaceutical companies in the world.

"Alongside building the Optimer platform he has scaled the business through significant operational and corporate milestones, most significantly its AIM listing in December 2021.

"On behalf of the board, I wish him well in the future.

"The board is now focused on appointing an appropriate successor who will be able to lead Aptamer's next phase of development and build on the foundations of the business to deliver shareholder value in the long term."

Dr Quinn added: "I recognise the immense power of Aptamer Group's technology and the impact it can have across the life sciences industry and I would like to thank Arron for everything he has contributed to the Company.

"I look forward to working closely with Ian, the wider management team and the Board as we look to drive revenues, grow the business, and to deliver value for shareholders."

Last week the company issued a trading update for the year ending June 30.

It said: “Revenue for the ten months ended 30 April 2023 was approximately £1.4m (unaudited) as the existing pipeline of new business has taken longer than expected to convert, especially licensing and royalty-based contracts, against a backdrop of continuing market headwinds.

“The Group now expects full year revenues to be materially below FY2022.

"The sales pipeline remains healthy across both fee-for-service and licensing, and while the Group expects some of this to be recognised as revenue in the current financial year, the majority, if converted, will fall into the next financial year.”

The update added: “As of April 30 2023, the Group cash balance was £0.7m. The Group is making cost savings in order to extend the cash runway. As noted in the half year results, continuing reduced revenues would mean that the Group would need to raise working capital. The Board is exploring a range of funding options including non-dilutive and dilutive sources to strengthen the balance sheet, which would also provide a stronger negotiating position with potential new business opportunities.”