James Millen takes the helm at Physiomics

Physiomics had a new man at the helm on Monday, confirming Dr James Millen was taking the reins as CEO with immediate effect.

The AIM-traded company said Millen, known as Jim, brought experience of drug development and licensing deals in global pharmaceutical companies with him.

He is currently a director of LifeScience Advisors, Oval Medical Technologies, Opticin, HBM Biocapital II Management, and is a partner of Treehill Advisors.

Millen qualified as a medical doctor at Cambridge University and Barts Medical School, and also holds an MBA from INSEAD.

He held senior business development and commercial roles at GlaxoSmithKline and Allergan, before leaving to work for smaller lifescience companies in the UK and abroad.

At the same time, Physiomics confirmed that Dr Mark Chadwick was stepping down as CEO but staying on the board as a non-executive director for the foreseeable future.

"I believe Mark has done an excellent job of directing the development of the company's core competency of modelling and simulation applied to drug development,” said Physiomics chairman Paul Harper.

“Under his guidance, I believe the company has become a leader in modelling and simulation with a number of global pharmaceutical companies as clients.”

Harper said the board was looking forward to continuing with Chadwick on the board while he pursues other interests.

“We are excited about the future of the company with Jim at the helm, particularly as we look to progress our potential acquisition of BioMoti Limited announced a few weeks ago,” Harper concluded.

At 1400 BST, shares in Physiomics were trading up 12.73% at 0.03p.