Sir James McKinnon, the chairman of Ionica has resigned following the failure of the company to find a new backer.
Ionica chairman resigns
Ionica announced its intention to seek a major investor in May but to date its efforts to find new funding have failed. However, the search continues and it will continue trading - it still has 60 million.
The resignation of Sir James - who was appointed chairman four years ago - meant that Ionica's share price fell dramatically by 22p earlier today (Monday 3 August) to 21p. It later recovered, and has settled at 29.5p.