Company founder Manusu seeking to oust Gradipore directors

Gradipore director John Manusu, one of the founders of the Sydney company, has called for a general meeting on June 30 to remove the other four directors and elect two new ones.

Trading in Gradipore's shares was halted yesterday as the company sought legal advice on aspects of Manusu's move. The company declined to comment on which director had called the meeting, but late this afternoon revealed it was Manusu.

The directors Manusu is seeking to have ousted from the board are executive chairman Prof Jeremy Davis, US-based former CEO Robert Lieb, Dr John Eady, and Les Webb.

He is proposing that John Fernandez and Gregory Fagan be appointed directors.

Manusu stepped down as executive chairman of the company in January, and then resigned his position as an executive. At the time, the company said he had decided to set up a consultancy business applying the lessons learned from Gradipore to assist other start-up companies commercialise their intellectual property. Meanwhile he would remain with the company as an advisor and non-executive director.