TyraTech appoints CEO and retains advisers
16 January 2007
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its portfolio company, TyraTech LLC (“TyraTech”), has appointed R. Douglas Armstrong, Ph.D. as permanent Chief Executive Officer with immediate effect. TyraTech is the developer of an entirely new class of natural, safe and effective insecticides and parasiticides, based on its proprietary discovery platform.
Dr. Armstrong has over 20 years' experience in the assessment and development of biotechnologies, as well as in-depth corporate management experience at public and private biotechnology, medical device and developmental research companies. Prior to his appointment at TyraTech, Dr. Armstrong was CEO and Chairman of Aastrom Biosciences Inc., a cell therapy company which he led from start-up, through development, and on to a public offering on NASDAQ. Dr. Armstrong is a graduate in Chemistry from the University of Richmond, Virginia and he also holds a Ph.D. in Pharmacology & Toxicology from the Medical College of Virginia, at Virginia Commonwealth University.
Rick Brenner, an Executive of XL TechGroup and interim CEO of TyraTech since the company's formation, will remain on the TyraTech Board as an Executive Director to provide continuity. This is a part of XL TechGroup's proven strategy whereby a limited number of high-value opportunities are first developed by highly experienced individuals from within XL TechGroup, before being scaled up by their own dedicated management, with the ongoing support of XL TechGroup.
TyraTech has also appointed Nomura Code Securities Limited and Jefferies International Limited as advisers.
John Scott, CEO of XL TechGroup, said: “It is critical for us to choose the best possible management to take TyraTech onto its next exciting phase. In Doug Armstrong we have found a person with significant skills in strategic planning and business development, together with a deep understanding of how to leverage technology to grow revenues and profitability. TyraTech is entering an exciting growth phase, and we expect to make further announcements of other senior management additions in early 2007.”
For further information:
| XL TechGroup Inc. | |
| John Scott / Harold Gubnitsky | Tel: +1 321 409 7403 |
| hgubnitsky@xltg.com | www.XL TechGroup.com |
| Chris Munden, Director of Investor Relations | Tel: +44 (0) 20 7398 7720 |
| cmunden@xltg.com |
XL TechGroup media enquiries:
| Abchurch Communications | |
| Heather Salmond / Gareth Mead | Tel: +44 (0) 20 7398 7700 |
| heather.salmond@abchurch-group.com | www.abchurch-group.com |
NOTES TO EDITORS
About XL TechGroup
XL TechGroup is in the business of significant value creation. Working with major international corporate and technology partners such as AES, Procter & Gamble and leading universities, XL TechGroup first identifies global unmet market needs and then targets and exploits these by the systematic creation of successful, disruptive technology businesses. These are built from scratch, and are then funded and developed by XL TechGroup through to the point of a trade sale or a stock market listing.
XL TechGroup's unique and proven methodology selects the best opportunities in order to create one-to-two new companies annually, where each company is expected to achieve a valuation of at least US$400 million within four years from its creation. While an XL TechGroup company might perform a stock market listing at an earlier point in this four year timeframe, XL TechGroup would retain its controlling interest and would continue to assist with the company's development.
XL TechGroup's companies to date are: AgCert International plc (www.agcert.com), TyraTech LLC (www.tyratech.com), DxTech LLC (www.dxtech.com) and PetroAlgae LLC.
XL TechGroup has also established GenXL LLC as a joint venture to capture the value of those prospects that do not quite meet the US$400 million, four year criteria but still demonstrate considerable potential worth. Over and above XL TechGroup's core business model, GenXL will review a significant flow of opportunities from both XL TechGroup and GEN3 in order to generate new companies, standalone product lines and technology licensing opportunities or an appropriate mix of these.
For further information, see www.xltechgroup.com
About 4SC
4SC AG has been listed in the Prime Standard of Frankfurt Stock Exchange since 15 December 2005. Founded in 1997 and now with a staff of 59, the company develops novel drug candidates for inflammatory diseases and cancer using a cheminformatics based technology platform. Traditional high throughput screening of therapeutic agents has been transferred from the lab to the computer. Thus, the company offers substantial cost and time advantages as well as increased success rates in drug development. 4SC AG uses its patented technology platform to create a sustainable product pipeline for active agents that are developed in early clinical phases ("proof of concept") and subsequently result in upfront and milestone payments as well as participation in sales generated by out-licensed products to the pharmaceutical industry. There are currently five projects in the pipeline. The first project on the treatment of rheumatoid arthritis is currently undergoing clinical phase IIa. Three other product candidates are in pre-clinical development and another project is in the research stage. Furthermore, the company has its technology platform in co-operation projects with biotech and pharma companies and is already generating initial revenues.
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