BresaGen revamps board ahead of strategy refocus
Tuesday, 16 July, 2002
A board reshuffle aimed at sharpening the focus of Adelaide biotherapy company BresaGen (ASX: BGN) is underway.
The company has announced the resignations of three board members and the appointment of an existing director to the chairman's position.
President and CEO Dr John Smeaton said new appointments were pending but could not yet be disclosed. Smeaton said he ultimately hoped to have a smaller board of five to seven directors, as opposed to the previous eight, that would include a couple of executive directors.
"We will be making some important announcements about our substantial program of cell therapy and how that can be worked in with our protein capabilities to create a sharper focus," Smeaton said.
"Consistent with that direction we will be appointing people to the board with those skills required to increase its focus in those areas. We think it will be pretty positive."
Retiring from the board are chairman John Hasker and non-executive director Peter Jenkins, with another non-executive director Geoff Vaughan, who is approaching 70, signalling his intention to retire at the next annual general meeting.
Peter Hart, a director since 1996 and formerly the managing director of the University of Adelaide's commercial arm, Luminis, has been named chairman.
Smeaton paid tribute to Hasker for the leadership he displayed during BresaGen's 1999 initial public offering and the purchase of CytoGenesis as a stepping-stone to the company setting up operations in the United States.
"John Hasker has seen the company through the critical first stage of its evolution into an international biotechnology company," Smeaton said. "We are grateful for his experience and insight at board level and thank him for his contribution to BresaGen's success."
He said Jenkins, on the board since 1997 as a director representative of Grantham Investments (now Colonial First State Private Equity Limited), was leaving to help establish early stage companies.
Smeaton said further announcements about the board changes and strategic direction would be made in coming weeks.
At the time of writing, BresaGen's shares were trading 1.9 per cent lower at 52 cents.
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