ProStrakan acting chief Peter Allen considers taking on role full-time amid profits shock

PETER Allen, who has stepped in as acting chief executive at Borders health care firm ProStrakan, said he may consider taking the role full-time.

His decision, he said, would depend on how its current issues were resolved.

Allen, chairman of the Galashiels-based firm, said he was also aware the slump in its shares following a series of setbacks last week would make it vulnerable to a bid. However he said the company was "not for sale" adding that its major investors were offering their support.

ProStrakan admitted up to 5 million would be wiped off profits this year due to regulatory delays with its products. Chief executive Wilson Totten subsequently resigned.

"I am relishing the opportunity to go back into an operational role," said Allen, a former Celltech deputy chief executive and chief financial officer.

"I will see where we are once these issues are resolved, probably by the end of this calendar year, and whether to bring someone in. I am calling myself chairman and chief executive but that may change."

Whatever his long-term role, he expects to remain as acting chief executive for at least six months, he said.

He blamed bad timing for the setback to its product flow. One of its contractors' factories has been closed for 12 weeks, leaving ProStrakan unable to meet demand in the US for Sancuso, its anti-sickness patch.

The US Food and Drugs Administration also indicated there would be a delay in its review of Abstral, another pain relief treatment.

"With the FDA there is always uncertainty and we have been caught out," said Allen. "It would be really negative if they turned us down. That's not the case."