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Derma Sciences Announces Leadership and CEO Transition

Princeton-based Derma Sciences, Inc., a tissue regeneration company focused on advanced wound and burn care, announces that Stephen T. Wills, the lead director and a member of the Derma Sciences board of directors since 2000, has been unanimously appointed by the board to serve as interim executive chairman and principal executive officer. The appointment of Wills follows the mutual decision between the board and Edward J. Quilty that Quilty will depart from his position of chief executive officer and chairman. All actions are effective immediately.

Mr. Quilty will remain a member of the company’s board of directors and will also serve as a consultant. In connection with this action, Quilty and the company entered into a separation agreement and release and a consulting agreement. A special committee of the board will immediately begin the search for a permanent CEO with the assistance of Korn Ferry, a leading executive search firm.

Wills said, “On behalf of the Derma Sciences board of directors, I want to thank Ed for his many contributions over the years as he led the transformation of Derma Sciences into an industry leader in the advanced wound care marketplace. These contributions, along with a talented and experienced team of executives and employees, have helped establish a solid foundation for Derma Sciences’ future. Our priority now is to identify a leader with the vision to build upon the company’s strategy for sustainable growth and profitability, and take us forward into Derma Sciences’ next phase of development and growth.”

As interim executive chairman and principal executive officer, Wills will work with Derma Sciences’ Board and executive team to facilitate an orderly leadership transition while providing oversight on the company’s operations.

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