Fermentalg’s Lavielle Takes on Joint CEO and Chairman Role
28 Nov 2016 --- Fermentalg is combining its CEO and chairman roles with the current chairman Philippe Lavielle appointed to the newly-merged role. Founded in 2009, the French biotech company specializes in the production of oils and proteins from microalgae. Lavielle has been a director at Fermentalg since May this year and chairman of the board since September.
The previous CEO was Andrew Echatti. It is understood he is leaving the company but Fermentalg was unable to confirm this.
Lavielle said: “I am delighted to be taking up the operational helm of Fermentalg. My goal is to ensure that the business strategy approved by the board of directors is successfully implemented by bringing together and working alongside a strong team that is able to draw on the best new talent.”
Lavielle previously spent more than 20 years with Genecor, one of the leading producers of industrial enzymes and now part of DuPont.
At Genecor he worked as vice president before being named executive vice president in charge of Business Development.
He has also served as president and CEO of Virdia, a company specializing in the development of innovative industrial solutions in the production of biofuels and bioproducts, before moving on to various directorships for California-based start-ups from July 2014.
The change follows Fermentalg last month reporting a €2.6m ($2.9m) loss in the first half of the year. Although it reported a loss, the company was upbeat about beginning the commercialization of its flagship product DHA which could help combat brain and heart illnesses in the coming months.
The French biotech company reported a loss of €2.62m ($2.92m) in the six months to June 30, compared to a loss of €2.55m ($2.84m) the year previous. Revenues were €172,000 ($192,000) in the period.
Fermentalg is hoping that DHA, a fatty acid, will prove a hit.
It has inked a deal for its production with ARD, the bio-refining company, and hopes to begin production and commercialization of DHA in the second half of 2016.
Fermentalg said it estimated that it has made a €2m ($2.3m) investment in DHA in the period, made up of material and labor costs.
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