[ad_1]
Comment
The small biotech company has taken the patience of investors hard in recent years. That will not change anything, a glimmer of hope brings the newly appointed CEO.
Former CEO of Evolva, Simon Waddington, resigns immediately. (Image: PD)
Investors wanted to hear success stories about the Evolva product pipeline. On Tuesday, there was surprising news – but not for commercial development. Without any indication of this, former CEO Simon Waddington resigns immediately. Waddington ran the small biotechnology business for only one year
Twelve months ago, Neil Goldsmith, CEO and longtime co-founder, had to take off his hat. Shortly thereafter, there were other changes in management and layoffs. At that time, Evolva announced a deep restructuring for "the next phase of business development". For a company primarily involved in product development and partner search, it was an amazing step that also destabilized investors.
Oliver Walker, former CFO. He was already involved in the restructuring that took place a year ago, so no major changes to the strategy are planned. "We want to first deliver and then report," promises the new boss. It was the reverse. The potential of Eversweet, a Stevia sweetener produced by American agricultural giant Cargill to soften a green "natural Coca-Cola", made investors dream. But the potential of Eversweet has become relative. In the meantime, management has attributed similar potential to the ancient "product of thought" nootkatone, a citrus-based pesticide. Walker, who has served as chief financial officer for established companies such as Sonova, Nobel Biocare and Stratec, does not change goals: the break-even point is expected in two to four years. That's why investors need something – a lot of patience. This has less and less, the price of the action has almost halved in one year.
Source link
