Pharmaceutical firm Malin Corporation has announced that its chief investment officer Adrian Howd will take over as CEO from the start of next month.
The company announced the appointment as part of an organisational change that will see its current CEO, Kelly Martin, move to work with companies that Malin has invested in including Novan, Poseida Therapeutics and NeuVT.
Mr Kelly will also leave the company’s board of directors, instead taking up a role as an advisory partner to its board and executive team.
Mr Kelly took up the role as Malin CEO in late 2015, having previously headed Elan.
The management changes at Malin were made alongside the company’s publication of its half year results, which saw the firm report a total loss of more than €44m.
That is a slight improvement on the same period of 2016, though revenues at the firm fell €900,000 (4%) to €21.6m.
Malin said it had invested more than €365m in a range of pharmaceutical companies and assets by the end of June, with €33.6m in cash available.
During the half year period the company also saw its research and development expenses almost double to €5.2m.
