Avacta Group appoints new non-executive chair

20th Jun 2024 16:09

(Sharecast News) - Life science company Avacta Group announced the appointment of Shaun Chilton as its non-executive chairman on Thursday, succeeding Eliot Forster, who was stepping down from the board with immediate effect.

The AIM-traded firm said Chilton, who had served as a non-executive director at Avacta since June last year, would bring more than 30 years of experience in biopharma leadership to the role.

He was previously CEO of global pharmaceutical services company Clinigen Group, leading its sale to Triton Partners in 2022 for around £1.3bn.

He had a strong track record in growing sales and enterprise value in both private and public sectors, with significant board experience, including roles at MAP Patient Access and C7 Health, where he also led a successful sale to a strategic buyer in 2022.

Avacta's board said it had been evolving to support its transition into a clinical stage oncology company, with a focus on advancing the clinical development of its 'preCISION' platform.

Recently, Christina Coughlin, then head of research and development, was appointed as chief executive officer.

Dr Coughlin was previously the CEO of Cytoimmune Therapeutics, and chief medical officer at Tmunity, Rubius, and Immunocore.

The board added that it planned further changes to bolster Avacta's transition to a therapeutics-focused organisation.

"I look forward to working with Shaun in his new role as chairman of the Board and continuing to focus on the key goals and priorities for the company," said chief executive officer Christina Coughlin.

"Shaun is keenly aware of the potential that exists in our oncology pipeline to bring value to patients and shareholders alike and we will work together to deliver on that potential.

"I am grateful to Eliot for his guidance he has provided to Avacta and for his leadership across this transition."

At 1549 BST, shares in Avacta Group were up 9.81% at 43.92p.

Reporting by Josh White for Sharecast.com.