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MANAGEMENT
Between 1987 and 1992 Scotgen was managed by Prof. Bill Harris as Managing Director and Mr Paul Williams as Finance Director. Staff numbers increased to 15 with Dr Frank Carr as Director of Research,
In February 1993, Scotgen Ltd. merged with Vasocor, Menlo Park, California to form Scotgen Biopharmaceuticals Inc. with Dr. R. Fildes recruited as Chairman and Chief Executive Officer. Research laboratories were maintained in Aberdeen, Scotland and Development facilities and Head Office maintained in Menlo Park, California.
Laboratory facilities in Aberdeen and Menlo Park were closed down in July 1995, leaving Dr. R. Fildes and Mr. P. Williams to dispose of assets.
FINANCIAL HISTORY
Scotgen was established in 1987 with seedcorn finance from the Founders, an investment by Aberdeen University Research and Innovation Services, and the Scottish Development Agency. This raised around £200,000 and with a small additional loan in 1989, was the only investment in the Company until 1993. The Company expanded its contract research business at a rate averaging around 20% per annum and in 1992 had a turnover of approximately $2.0 million with 30% net profit margins. Profit was used to develop own products and in 1991 the first Scotgen product was licensed to Smith Kline Beecham.
By 1992, the Company required to re-locate from its university based laboratories into larger premises and its second own-product ( to treat cytomegalovirus infection) required either to be partnered or additional finance raised for development and early clinical trials.
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