Epitan founder: why I'm not leaving biotech

Epitan (ASX:EPT) founder and former managing director and CEO Dr Wayne Millen is set to retire as chairman of the board at the end of October but intends to continue to play a role in the company and the biotech sector.

"I haven't retired to the golf course," said Millen. "Epitan has been a big part of the last few years and still is -- I'm a major shareholder and have a considerable interest in the company. In my new role as non-executive director I will still be able to represent the company as before -- it's not the retiring father of the company fading away into oblivion."

Millen helped to secure the rights to develop and commercialise Epitan's experimental tanning drug EPT1647.

"I am excited about my management time -- we moved it from an idea to a realistic company," he said. "I enjoy starting things from an idea and then put in my own money -- I find it exciting.

"I look forward to participating with other companies to bring the next generation of products into the public domain. There are other significant opportunities out there -- it is early days but I am considering offers."

Millen said his retirement as chairman brought Epitan into line with international corporate governance best practice. "The focus of the company is to move into Europe and we have been looking a listing on the London Stock Exchange. Our ambition is to be a truly international company," he said.

Former Peptech CEO Roger Aston, who joined Epitan's board in April 2005, has been appointed as chairman elect. UK-based Philippe Wolgen will join the board from October 1.