(Alliance News) - Graft Polymer (UK) PLC on Thursday said its chief executive officer has stepped down, naming a successor with immediate effect.

The London-based developer and producer of polymer modification and drug delivery systems said Anthony Tennyson has been appointed as executive director and CEO, replacing Victor Bolduev with immediate effect.

Bolduev will remain on the board as chief technology offer, the company said.

Tennyson will hold his position as CEO alongside his existing employer Awakn Life Sciences Corp, which he co-founded in 2020 and also serves as its CEO.

Graft Polymer said Tennyson will lead a "comprehensive" review of its operations, with a "particular focus on maximising value from the existing assets, including its novel and patented Graft Bio drug delivery solution".

Tennyson will lead the board in identifying opportunities for commercial growth and strategic partnerships, Graft Polymer added.

"We thank Victor for his role as CEO through an extremely difficult time for the company. Remaining on the board, he will work alongside Anthony during and following his review of the operations," said Graft Polymer Chair Nicholas Nelson.

"Anthony comes on-board as we develop our future as a medical products and services company with the existing Graft Bio medical devices business remaining at the company's heart."

Shares in Graft Polymer were up 12% to 0.16 pence each in London on Thursday afternoon.

By Greg Rosenvinge, Alliance News senior reporter

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