Peptech seeking new CEO

Sydney biotech Peptech is on the hunt for a new CEO.

In a statement to the Australian Stock Exchange, Peptech chairman Dr Ed Tweddell said that the worldwide search came after a review of the company's future growth prospects.

Current managing director Stephen Kwik will remain at Peptech to help with the search.

"It may take six months to have the new person in position, but we are focused on our goals and will continue to progress our initiatives in the interim," Tweddell said.

"Stephen's experience will be valuable over the next six months in bolting down the licence and royalty agreements under the recently issued US patent for TNF antibodies."

Tweddell said that recent restructuring, which included the departure of Graham Mitchell and the appointment of John Leaver, had strengthened the Peptech board.

Peptech had also consolidated its relationship with UK company Diversys, he said.

"The company is positioned for growth both in regard to royalty income and in being able to capitalise on business development opportunities both in Australia and overseas," Tweddell said.