Andrews to leave IMB for angel role

One of the commanding figures on Queensland's life science scene, Prof Peter Andrews, is resigning as co-head of the state's flagship biotech research centre, the Institute for Molecular Bioscience.

Andrews, 59, plans to step aside as IMB co-director on December 30 in order to hang out his shingle as an independent biotech business angel investor.

The decision has startled Queensland bioscience and political circles, where Andrews has been viewed for 10 years as one of the principal shapers of the state's bioindustry landscape.

He has played a pivotal role in creating a more productive alliance between the research community and public and private sector financial resources.

His departure from the IMB will coincide with the official opening of its $100 million headquarters on the University of Queensland's Brisbane campus.

Prof John Mattick, who has been joint director of the IMB with Andrews since its inception nearly three years ago, is tipped to become the sole head of the institute.

The IMB is a centrepiece of Queensland's half-billion dollar effort to foster a viable bioindustry.

Given Andrews' near-iconic status, his sudden departure from the institute could trigger speculation about its ability to maintain its momentum.

However, Andrews says the time is right for his departure from an institute which is now moving into a permanent building and a more settled phase of its development.

"Some people are good in early-stage companies and others in later-stage ones," he said. "I regard myself as an early-stage builder, not a long-term manager.

"It's a good time to move on and build other things but I'm not leaving Queensland and I'm not leaving the industry."

Among the positions he doesn't intend to vacate are his seat on the boards of three IMB spin-off companies, Protagonist, Xenome and Nanomics Biosystems, plus drug discovery company Alchemia.

He will also continue as the new chairman of the biological committee of the Industry Research and Development Board, which helps administer the Biotechnology Innovation Fund (BIF).

Nearing 60, Andrews says he has had enough of 65-hour work weeks but not of the biotech industry itself.

"I've been involved with building new businesses since the 1980s, when I was a founder of Biota, and I intend to continue as an active player but an independent one," he said.

He ruled out suggestions that he may join the team being assembled by the Queensland Investment Corp to administer a government-sponsored $100 million venture capital fund.

A leading member of the generation which dramatically re-shaped Australian bioscience, starting in late 1970s, Andrews believes his shift away from full-time salaried work could be part of a trend.

"I know a lot of friends who are thinking of going out [of full-time jobs] and are looking at forming consultancies. My cohort also has many expats who have done well enough overseas to be comfortable and are now at an age where they are ready to come back home.

"I think the Australian [biotech] business angel community is about to show some significant growth."

Andrews' involvement in Queensland began in 1991 when he founded the Centre for Drug Design and Development. It was merged in 2000 with the Centre for Molecular and Cellular Biology, led by John Mattick, to form the basis of the IMB. The institute since has added the ARC Special Research Centre for Functional and Applies Genomics, the headquarters and Brisbane node of the Australian Genome Research Facility, and significant components of the Centre for Microscopy and Microanalysis and the Advanced Computational Modelling Centre.