The former chief executive and chairman of Aptamer Group have returned to take control of the York-based biotech company after months of turmoil.

The move follows the company securing £3.6m of investment and it taking the business off the market.

Aptamer’s co-founder, Dr Arron Tolley, left as chief executive in the spring, after a profit warning during a fundraising period.

The company has reported a ‘challenging’ 12 months, blamed on expected licensing revenue and contracts not materialising.

READ MORE:

Dr Tolley rejoins the group as chief technical officer, with a new chief executive set to be appointed “when appropriate to do so”.

Former chairman Steve Hull, who led the board until its launch on the Alternative Investment Market 19 months ago, returns as executive chairman.

Both return on “substantially reduced pay”.

The fundraising and appointments of Dr Tolley and Mr Hull must be approved by shareholders at a general meeting later this month.

Executive chairman Dr Ian Gilham, interim chief executive and chief financial officer Dr Rob Quinn, and non-executive directors Dr John Richards and Angela Hildreth have resigned.

In a recent announcement, the company says it is seeking a return to break-even “within two years”. Revenues of £3m this financial year are targeted, rising to £6m in the year to June 2026.

It still believes there is a demand for its products but efforts will focus on more lower-level fee-for-service work.

READ MORE:

The company also plans “tight costs discipline” to slash annual costs from £6.4m a year to £3.5m. Directors’ pay will also be cut by nearly half, but share options will be offered.

The Aptamer Group was founded in 2008 by Dr Tolley and Dr David Bunka, who will stay on the group’s board and move from CTO to chief scientific officer.

The biotech business has developed optimer binders, which support the discovery and development by researchers across the biotech sector.