Macclesfield-based Redx Pharma plc, the drug development company focused on cancer and fibrosis, announced that Iain Ross is stepping down from his role as director and non-executive chairman of the company with immediate effect “in order to pursue other business opportunities.”

Redx Pharma said its board has initiated a formal search for a new chair and has appointed Peter Presland, currently an independent non-executive director of the company and chairman of the audit committee, as interim chairman with immediate effect.

Redx Pharma shares have soared more than 400% in the past 12 months to give it a current stock market value of around £170 million.

The firm’s biggest shareholder is San Francisco investment firm Redmile Group LLC with a 79.55% stake.

Redx Pharma CEO Lisa Anson said: “Iain has been the lynchpin in the turnaround of Redx and we are very grateful for his innumerable contributions as chairman over the last four years.

“It is as a direct result of his strong oversight, counsel and expertise that Redx is now in a strong position, with supportive specialist life science investors for the next phase of the company’s evolution.

“Personally, I would like to recognise his contribution and thank him for all that he has done, and on behalf of the board wish him every success in his future endeavours.”

Ross said: “It has been a privilege and pleasure to have chaired the Redx board through the challenges of the last four years and I leave the company well financed, with an exciting product pipeline; a strong management team and a high-quality shareholder base.

“I believe my job is done and I am planning to take on a new role within the sector.

“I wish the company well and will remain a supportive shareholder.”