The chief executive of technology business Nanoco Group is to leave after 16 years in charge.

Dr Michael Edelman steps down with immediate effect and is being replaced by Brian Tenner, who has been the group’s chief financial officer and chief operating officer.

Nanoco is a University of Manchester spin-out and develops materials used in the manufacture of monitors and TV screens.

Dr Christopher Richards, Nanoco’s non-executive chairman, said: “Nanoco has had an exceptionally busy year, culminating in substantial progress in recent months in respect of our litigation against Samsung and momentum in our commercial and financing activity which has significantly extended the group’s cash runway until the end of 2022.

“Having achieved these milestones, it is important that we now implement our existing CEO succession plan to match the size and shape of the board to the more focused group Nanoco is becoming.”

Nanoco raised £3.4m in July which in part will support its patent infringement lawsuit against Samsung. Edelman will “remain available” to the company as a special advisor, reporting to the group’s new litigation sub-committee.

Edelman said: “It has been a great honour and pleasure being part of the development of the world-leading quantum dot player that Nanoco is today, working with such an incredibly talented team of entrepreneurs and scientists who have seen the group germinate from an idea to a global player in this cutting-edge technology.”

Dr Richards paid tribute to the outgoing chief executive.

He said: “I am immensely grateful for Michael’s significant contribution during his many years at Nanoco, having led the business since September 2004, through its initial fundraising, spin out from the University of Manchester and IPO on the London Stock Exchange in 2009.”

Nanoco’s share price increased by 150% in less than a month at the start of the year, before plummeting below 6p to an all-time low in March. It has since recovered and Friday’s closing price of 16.8p sits above where it was in the second half of 2019, before the volatility – although it remains a long way below its historic levels.