| GeneMedix loses all UK staff in office move |
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| Wednesday, 12 December 2007 | |
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AIM-listed biopharmaceutical company GeneMedix is moving its headquarters to Ireland.
The board said it had been discussing the merits of consolidating the company's operations in Ireland now that there are no other overseas operations in the GeneMedix plc Group. GeneMedix is a UK based, globally focused biopharmaceutical company, which is now part of the Reliance Life Sciences Group (RLS) from Mumbai in India, India's largest private sector enterprise. The company specialises in the development and manufacture of cost effective treatments for some of the world’s most serious diseases. It has its head office in Newmarket, but most of its operations and development is based in its operating division in Tullamore, Ireland. The firm’s infrastructure and resources available in Ireland have been expanded significantly over the past year. The board said it felt that the integration of the company with RLS is sufficiently advanced that the company's operations can be better managed from Ireland. “As a result the decision has been made by the Board to proceed with the consolidation with immediate effect, and for it to be completed by 15 January 2008,” the board said in a statement. It added that discussions are ongoing with senior executives at the company about supporting the business during the relocation period. The board said that it was unlikely, due to personal circumstances, that any of the staff based in the company's head office in Newmarket would be moving permanently to Ireland. Julian Attfield, the company's current CEO and CFO, will not be relocating and will be leaving GeneMedix at the end of December 2007. The group said that he will provide assistance as required in future. Dr Kim Tan, GeneMedix’ (LSE:GMX) non-executive chairman, said that Vinay Ranade will take over as CEO from 1 January 2008 and will be based at the company's offices in Ireland. Vinay Ranade, 40, is a chartered accountant and a management graduate by qualification and has over 17 years of experience in various fields including investment banking, finance and commercial functions, business, projects and operations. He has been a core team member in developing the biotechnology initiatives at Reliance Life Sciences since 2001 and has been associated with the company during the acquisition process since December 2005. Ranade has been part of the integration team since that date. Related links |
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