MERIDEN, Conn., Feb. 18 /PRNewswire/ -- Protein Sciences Corporation (PSC) announced today that its Board of Directors adopted a succession plan under which Dr. Manon Cox, MBA, currently the Company's Chief Operating Officer, has been elected President and Chief Executive Officer effective March 1, 2010. Daniel Adams, currently Chairman, President and CEO will then assume the role of Executive Chairman.
PSC also announced that 2009 was a solidly profitable and cash flow positive year as a result of its contract with BARDA and robust revenues from its GeneXpress® and research antigens businesses. Revenues (unaudited) grew from $7.6 million to $17.3 million, an increase of 129%, resulting in a pre-tax profit of $3.4 million, a positive cash flow of $1.8 million year end cash and receivables of approximately $3.7 million.
Daniel Adams, Executive Chairman elect, said, "I could not think of a more capable successor as CEO. We have been discussing a succession plan for months and everyone concluded that Manon was the right choice to lead the Company at this juncture. She has done an outstanding job as Chief Operating Officer where she instilled persistence and a growing culture of excellence in the Company and at the same time becoming respected internationally for her expertise in vaccines and influenza." He added, "I will remain fully active in the Company, focusing primarily on resolving the remaining litigation instituted by Emergent BioSolutions, Inc., securing additional capital through financing and/or strategic partnerships and planning for the future."
SOURCE Protein Sciences Corporation
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