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Midatech CEO departs, successor named

U.K. drugmaker Midatech Pharma Plc said CEO Jim Phillips will step down at the end of May after five years.

Craig Cook, who is COO and head of research and development, will succeed Phillips and will become a board member starting June 1.

Cook has previously served in senior roles at Johnson & Johnson, Eli Lilly and Co., Novartis AG and Sereno Biotech.

Steve Damment, who is Midatech's senior vice president of translational medicine, will take over as head of R&D.