Amrad changes name to Zenyth Therapeutics

Melbourne-based Amrad (ASX:AML) will now be known as Zenyth Therapeutics.

The motion to change the company's name was carried on a show of hands at Amrad's AGM held today.

When questioned by a shareholder as to whether Amrad had sufficient cash resources to make the name change, Amrad chairman Ian Davis said that the company was "very mindful" of the issue. "In adopting this change we elected not to use any outside consultants, as that would have added substantially to the costs," said Davis.

Instead, Davis said that the new name had come from within the organisation and that "the implementation of the change will not be a significant item" costing in the range of $20,000 to 50,000.

Davis told the AGM that the Oxford English Dictionary defined 'zenith' as "the highest point of power and prosperity".

"This phrase captures the essence of what we're striving to achieve for our shareholders as the company drives its projects forward," he said.

According to Davis, the rationale for the name change was that Amrad has completed the divestment of its non-core operations resulting in a refocusing of its activities on inflammation and cancer.

He added that the change was "symbolic of a break from the past and a reinvigoration of our commitment to the future" and removed the potential for confusion with ongoing Australian marketing of pharmaceutical products under the Amrad Pharmaceuticals brand following the company's divestment of that business in November 2000.

Following today's approval of the resolution, Amrad will apply to the ASX to change its ticker to ZTL.

The AGM also saw the re-election of director Helen Cameron and election of Ian Davis, James MacKenzie, and CEO Andrew Nash as directors. The issue of 600,000 options to Nash under an incentive plan and the adoption of a new company constitution reflecting regulatory regime changes were also approved by the shareholders.