Alchemia chairman steps down after 10 years

Alchemia (ASX:ACL) chairman Mel Bridges has retired after 10 years in the role and the company has appointed a new board member.

Bridges stepped down to focus on his other professional and board commitments. He had announced his intention to retire at the company’s AGM in November last year.

Nathan Drona will step in as interim chairman while a replacement is found, Alchemia said. Drona joined the Alchemia board in March alongside Dr Susan Kelley.

Timothy Hughes has meanwhile been appointed Alchemia’s newest non-executive director.

Hughes has had a long career in investment management and finance, holding roles including chief economist at Rothschilds in Australia and chief investment officer of the Catholic Superannuation Fund.

Hughes also currently serves on the boards of Sydney’s Value Capital Management as well as charitable trust South Endeavour.

Existing Alchemia non-executive director Tracie Ramsdale will take the role of chair of the board’s audit and risk committee, to fill the shoes left by the departure of non-executive director Nerolie Withnall.

Alchemia has an established business selling anticoagulant generic fondaparinux through marketing partner Dr Reddy’s Laboratories. The company is also involved in a phase III trial for chemotherapy treatment candidate HA-Irinotecan, which is based on its HyACT oncology technology platform.

Alchemia shares were trading 1.54% lower at $0.32 as of around 1 pm on Monday.