New Epitan CEO sees IND soon

After a sudden change of management earlier this week, Melbourne-based Epitan (ASX:EPT, ADR:EPTNY, XETRA:UR9) has entered the "final stretch" in the process of lodging an IND application with the FDA for Epitan's lead drug EPT1647, according to newly-appointed CEO Dr Philippe Wolgen.

On Monday, Wolgen replaced Iain Kirkwood as Epitan's CEO, Dr Hank Agersborg was appointed as CSO and chairman Roger Aston took on an executive role.

"I want all the members who've had experience and expertise in the final stretch to be involved, rather than by proxy," said Wolgen. "We now have a team of three on site."

Wolgen said there were "three to four aspects of the business and one man can't do it all".

Both Wolgen and Agersborg have moved to Melbourne to take up their positions. "I can't take the helm of the company at a distance," said Wolgen.

A former head of a generic pharmaceuticals company in the Netherlands-based MOG group, Wolgen joined Epitan's board on October 1.

Wolgen, who is both a medical doctor and holds an MBA, said that Kirkwood had been "looking for four to six months to find a medic who could address the requests of the FDA and the TGA" and that his appointment and the other management changes were endorsed at the company's AGM.

Wolgen believes that being a doctor gives him "more credibility and the ability to speak the same language."

"It's a more tangible way of connecting the business because you have a background," he said. "We're in medical pharmaceuticals, you need to understand the basic principles."

Although Wolgen's appointment coincides with European fund Absolute Capital Management providing Epitan with an additional AUD$10 million, Wolgen said this was because the fund "wanted to come in at the year end or when the biotech market was more favourable" rather than any timing links to management change.

AIM listing 'spot-on'

Wolgen was quick to praise Kirkwood for his initiation of Epitan's listing on London's AIM stock market.

"He was spot on," said Wolgen, who sees Epitan's AIM listing as a priority. "An AIM listing between March and July should be correct for us.

"If you want to be a global company then you have to have access to the investor base in Europe."

Epitan suspended its plans to list on AIM earlier this year due to bad luck and timing, Kirkwood previously told Australian Biotechnology News. "The market just popped like a balloon," he said. The company had hoped to raise £15 million (AUD$37 million).

Epitan's shares were trading at $0.35 at the time of writing, up from $0.33 when trading closed on Friday last week.