Sareum Holdings PLC on Wednesday said Co-Founder & Chief Executive Officer Tim Mitchell will, after twenty years with the firm, transition to the part-time role of chief operating officer.

Shares in Sareum were up 9.2% to 34.40 pence each in London on Wednesday morning.

The Cambridge, England-based pharmaceutical company said Non-Executive Chair Stephen Parker will assume the role of executive chair.

The company added that it plans to appoint a new CEO.

Parker commented: ‘I’m really excited to be stepping into the position of executive chair at Sareum at this critical time in the company’s history. Tim’s decision to transition to the part-time role of COO comes at a time when we have achieved an important milestone of positive data from the Phase 1 trial of our lead product, SDC-1801. I would like to acknowledge the immense contribution Tim has made since founding the company twenty years ago.’

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