Oxford Biomedica shares down after chief executive leaves

Source: Healthcare Digital

Date :01/09/2008 08:45:45

Oxford BioMedica plc fell the most in 10 days in London trading following the resignation of CEO Mike McDonald after less than two months on the job.

The biotechnology company dropped 0.75 pence, or 6.4 percent, to 11 pence on Friday, August 29, the biggest decline since August 19.

McDonald was appointed CEO on April 15 and assumed the position July 1, moving up from Chief Medical Officer.

Non-Executive Director John Dawson (pictured) will serve as acting CEO, Oxford BioMedica said.

The Oxford-based company did not give a reason for McDonald's departure but announced cost savings estimated to extend cash for operations through first half of 2010.