I want what's best for Australian biotech, says Opara

As a new self-designated "shaker" of the Australian biotechnology sector, Polish-born medico and property investor Richard Opara is almost rueful about the two board spills he is orchestrating at Australian Cancer Technologies (ASX:ACU) and Polartechnics (ASX:PLT). But he is adamant that there is "no substance" to the speculation that the companies will merge.

Ex-CEO of AustCancer Paul Hopper agrees: "[A merger between the two companies] was certainly not something we were working on when I was there," he said today.

But mergers are certainly on the cards, said Opara.

"Both AustCancer and Polartechnics are companies that might need to merge," he said. "We have to look at all the options."

He isn't limiting his ambitions for the Australian biotechnology sector to AustCancer and Polartechnics, however. "I'm interested potentially in other companies as well," he said. "But I had to start somewhere. I think those companies represent some of the biggest potentials, and I could achieve a substantial position in those companies.

"Who knows -- I might be a shaker of the Australian biotech industry and help develop its full potential."

Shares in AustCancer have fallen 40 per cent since Hopper - a friend and colleague of Opara's for 18 years - resigned as chief executive. The company today appointed former Yale professor of medicine Len Firestone as CEO.

"Paul was an excellent CEO for the Australian capital market and needs a few years to get the experience of an American CEO," said Opara.

"Len Firestone is a very experienced CEO. He's a medical doctor educated at Harvard. He's also a graduate of Harvard Business School. I've been looking for a replacement for some time, from the time I realised that the replacement is needed."

Polartechnics, he said, is a "good company" with "good assets, good profit, but the share price is low". He believes the company needs additional marketing forces to push the sales of its TruScreen product "otherwise the company will run out of money."

"We have to go offshore if we want to develop this product to its full potential," he said.

Opara has called for an extraordinary general meeting with resolutions to replace non-executive chairman Colin Sutton and director Neville Hacker with two new directors, himself and Joanne Rees.

"Mr Sutton is a CEO of a public company," he said. "I can't really see that he can be chairman of another company at the same time because CEO is a full time job."

"If the share price keeps falling down as in Polartechnics, I think [management] should resign. I don't think that Mr Sutton can take the company forward, he probably doesn't have enough drive or interest, I think the company needs a strong chairman."

Of Joanne Rees, he says: "I've never met her before - but I read her resume and thought she'd be very impressive."

Hopper said today that he would continue to consult to AustCancer for 6 months. He said he is looking for a new vehicle and will use his contacts in research and technology transfer in the US to build another company.

At time of writing shares in AustCancer were down 5 per cent to $0.17.