Listed life sciences firm Deepverge announced it would completely refresh its leadership team today as it scrambles to raise emergency cash.
The firm said today its revenues had doubled every year since 2018 which had “stretched both the balance sheet and the existing management team” and it would now recruit a new CEO, CFO and Non-Executive director to steady the ship.
The announcement comes after Deepverge announced it was looking to raise equity cash in early October as it was struggling to pay off a £25m loan taken out in March.
Bosses said today the raise “continues to progress, despite challenging market conditions” but there can be “no guarantee that sufficient equity funds can be raised”.
Dr Nigel Burton will now take over the reins as interim Chief Executive and oversee the fundraise while the firm kicks off the hint for a new chief
Chief executive Gerard Brandon will step down but remain on the board as Executive Director with responsibility for the firm’s Modern Water Division.
Camillus Glover will leave the board but will remain as Chief Financial Officer while the looks for a finance chief.