Q Chip appoints Tim Sparey as Chief Executive Officer
Completes £2.0 Million Funding Round
Q Chip Ltd, announced that it has appointed Dr Tim Sparey as its new Chief Executive Officer and to the Board of Directors, with immediate effect.
Q Chip has raised a further £2 million from its syndicate of existing investors. It plans to use the new funds to continue the development of its formulation capabilities and pipeline at its laboratories in Cardiff, UK and its manufacturing technology on the Chemelot Campus near Maastricht in the Netherlands.
Dr Sparey has 18 years in the pharmaceutical and biotech industry. He joins Q Chip from Proximagen Group Plc where he was Head of Business Development, following the acquisition by US Pharmaceuticals company, Upsher Smith Laboratories. Dr Sparey previously held senior positions in Business Development at Merck Serono and Merck &Co.
The financing was led by existing lead investor Disruptive Capital Finance and joined by Finance Wales, Q Chip’s “Angel” syndicate and Limburg Ventures BV. A number of smaller shareholders also participated.
Executive Chairman Ken Powell said: “We are delighted to welcome Tim to Q Chip. He has a wealth of experience in the pharmaceutical industry and brings valuable additional senior management capabilities to Q Chip at this exciting stage of our development. The Company is rapidly building its technology base and expanding the number of commercial partnerships. We appreciate the continuing support from our investors in helping Q Chip to maximise the potential of our technology. Tim’s experience and expertise will be invaluable as we seek to take Q Chip to the next level.”
Current Executive Chairman Ken Powell becomes Non-Executive Chairman from 1 January 2013.
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