Quantum Pharma CEO Scaife steps down, trading in line

Quantum Pharma chief executive Andrew Scaife has stepped down after seven years but is leaving the company with current trading running in line with management expectations.

Scaife has decided to leave the Newcastle-upon-Tyne company due to family reasons but has agreed to stay until he can make a smooth handover to a replacement.

Chairman John Clarke, who praised Scaife for his instrumental role in the group's growth and flotation on AIM in 2014, said the Specials division has had a "sound" first half performance, while the Niche Pharmaceuticals division is providing encouraging progress, with several more product launches planned across the remainder of the financial year.

The Medical Adherence arm has received Class 1 medical device status for its Biodose Connect device, which is poised for commercialisation to begin.

"As previously indicated," Clarke said, "our performance for the current financial year will be second half weighted as we bring our product pipeline to the market. As this is progressing well, we are positive about the company's outlook."

Shares in Quantum were down 4.6% to 66.5p around lunchtime on Tuesday.