COMPANY OVERVIEW
GeneMedix is a UK based, globally focused biopharmaceutical company, which is now part of the Reliance Life Sciences Group from Mumbai in India. The Company specialises in the development and manufacture of cost effective treatments for some of the world’s most serious diseases. It is incorporated in the UK and has its Head Office in Newmarket, Suffolk but most of its operations and development is based in its operating division in Tullamore, Ireland.
The strategy for GeneMedix continues to focus on commercialising a range of high quality, therapeutic proteins and initially launching in markets where patents have never existed, or have expired, in order to make such products available to a wider number of patients globally. The portfolio of the Company’s own products will be enhanced by products coming from Reliance Life Science’s (RLS) own portfolio and the Company will look to introduce them into the European and ultimately US markets. The enlarged Company is looking to expand current capacity in Ireland and create capacity in India to introduce a range of biosimilars to the developing world, and then Europe.
In
the long term, and in order to maintain its focus on market needs, GeneMedix
will strive wherever possible to add value to the basic proteins, by developing
new formulations and delivery methods or researching new indications where
this shows benefit to patients.
It has historically been part of GeneMedix’s strategy to establish partnerships with sales and distribution companies within target markets worldwide, thereby utilising local knowledge in these markets and allowing GeneMedix to focus on its own area of expertise in process development and manufacture. This strategy is now under review with the increased possibilities that have been created by the investment by RLS.
About Reliance Life Sciences (RLS)
RLS is part of the Reliance Group, which is India's largest private sector enterprise. The flagship company, Reliance Industries Limited, is a Fortune Global 500 company. Global revenues of the Reliance Group are approximately USD 22 billion with around 25,000 employees worldwide.
RLS is a new millennium initiative of the Reliance Group and is a research-driven, biotechnology-led, life sciences organisation. It is developing business opportunities in the domains of medical biotechnology, plant biotechnology, industrial biotechnology, clinical research services and contract manufacturing. These opportunities encompass biopharmaceuticals, molecular diagnostics, genetics, cell-based therapies, biofuels, clinical research services and contract manufacturing.
RLS has its own portfolio of Biosimilar products. It is currently constructing manufacturing facilities in India, which are anticipated to operate to full international standards and has a large infrastructure of analytical testing and animal testing facilities. RLS is looking to introduce its products into the EU through collaboration with the Company, and to leverage its own manufacturing capabilities by manufacturing the Company’s products, which the Company is not currently able to make.
Corporate governance
The rules of the AIM do not compel the Company to comply with the Combined Code (the Code), a set of recommended corporate governance principles for UK public companies issued by the Financial Reporting Council. However, the Directors support high standards of Corporate Governance and have established a set of corporate governance principles which they regard as appropriate for the stage of development of the Group. For example, the Company has adopted a share dealing code for Directors and senior employees on substantially the same terms as AIM’s model code on directors’ dealings in company shares.
The Board has also established an Audit Committee, Remuneration Committee and Nominations Committee with formally delegated duties and responsibilities.
The Audit Committee consists of all the independent Non-Executive Directors and is chaired by Rajendra Lodha. The Audit Committee normally meets twice a year and has responsibility for, among other things, planning and reviewing the annual report and accounts and interim statements and involving, where appropriate, the auditors. The Committee also approves auditors’ fees and reviews auditor independence, as well as focussing on compliance with legal requirements and accounting standards. It is also responsible for ensuring that an effective system of internal controls is maintained. The ultimate responsibility for reviewing and approving the annual accounts and interim statement remains with the Board.
The Remuneration Committee is made up of all the independent Non-Executive Directors and is chaired by Dr Kim Tan. The Remuneration Committee, which meets as required, but at least once a year, has responsibility for making recommendations to the Board on the compensation of senior executives and determining, within agreed terms of reference, the specific remuneration packages for each of the Executive Directors. It also operates the Share Option Plan and sets performance conditions which must be satisfied before options granted under the Share Option Plan can be exercised.
The Nominations Committee comprises the Chairman and all of the independent
Non-Executive Directors and is chaired by Dr Kim Tan. The Nominations Committee
has responsibility for reviewing the size and composition of the Board and
the appointment of replacement and or additional directors and making appropriate
recommendations to the Board.