TGR boss joins Novogen board

Bioactive compound development company Novogen (ASX:NRT) has appointed the chief of biotech TGR BioSsciences to its board of directors.

Prof Leanna Read will bring 15 years of experience in leading and managing commercially related research organisations when she takes up her role as a non-executive director to Novogen.

The company says Read was chosen for her eminent qualifications and experience in biotechnology from a commercial as well as a scientific perspective.

"Prof Read's record of experience and achievement in research management and the commercialisation of biotechnology will be of considerable benefit to Novogen, as we move into the next phase of the company's development," said Novogen chairman Philip Johnstone.

Read is also on the board of the CRC for Diagnostics and the Australian Proteome Analysis Facility, is a member of both the South Australian Premier's Science and Research Council and the Prime Minister's Science, Engineering and Innovation Council and has a professorial chair at Flinders University.

Speaking of her latest appointment Read said she would take to Novogen's board a broad knowledge of strategies for the development of biotechnology companies.

She said that while her own company, TGR Biosciences, was an earlier stage concern than Novogen, the two businesses were involved in similar fields and experienced similar difficulties.

The South Australia-based TGR Biosciences is involved in the development of bioactive compounds and growth promoting agents.

Read said this had given her experience of clinical trial processes and the regulatory aspects of compound development.

She said her prior roles in chairing committees responsible for the allocation of biotechnology grants would also be useful to her Novogen position.

Dr Read joins existing board members chairman Philip Johnstone, managing director Christopher Naughton, executive director Dr Graham Kelly and non-executive directors Peter Simpson and Prof. Paul Nestel. The board is scheduled to next meet in October.

Coincidentally, Read is also the first woman to sit on Novogen's board, although the company stresses this is not deliberate.

Read said she would like to see more women contributing to the gender balance on boards, but that this was dependent on having more women with biotechnology experience.

She said she was attracted to Novogen's board because of its emphasis on encouraging members to have more of a strategic role in the management of the company and less in the way of due diligence.

Last month Novogen reported a 27 per cent reduction in its net loss for the year to June 2003, coupled with an 11 per cent increase in gross revenues to $33.1 million.

The company said its assets and cash reserves, worth a combined $73.4 million, held Novogen in good stead to make the most of commercialisation opportunities.

"Commercialisation of our drug pipeline is where Novogen's growth potential lies", said managing director Christopher Naughton.

"The longer we can continue to fund our own drug development, the better placed we are when it comes time to negotiate licensing agreements for international production and sales."

At the time of writing, Novogen had slipped 2.2 per cent to trade at $4.98, with some 37,800 shares changing hands.