Gradipore changes name to Life Therapeutics

Gradipore (ASX: GDP) has changed its name to Life Therapeutics to reflect its new strategy, the company announced today.

While the name change is effective immediately, it won't be approved by shareholders until the next AGM, scheduled for November, and approval is also required from the FDA for the name change of recently acquired US therapeutic plasma collection business Serologicals Specialty Biologics.

Managing director Dr Hari Nair said that while the company was required by US regulations to change the name of the Serologicals business, the board had decided to change it for the entire company, as the name Gradipore no longer reflected the company's business, particularly with the change in focus since October 2003.

"The name Gradipore comes from the company's research and development roots, but we are no longer in the business of primarily selling or licensing our technology. We are now driven to improve human life through the provision of niche therapeutic products and production solutions provided by our patented technologies," he said.

The company formerly known as Gradipore will have four operational divisions, known as Life Sera -- the plasma collection business acquired from Serologicals, Life Gels and Life Bioprocess -- the former gels and separations divisions. But the fourth division will retain the Gradipore name for the time being, for regulatory reasons. Nair said the company was considering a number of options for the Diagnostics division, including spinning it off.

The company is tracking well with its 200 day plan, according to Nair, who said that with the technology in place, and the acquisition of the plasma collection business completed, the company could now focus on the third stage of the strategy to enter into joint ventures to develop niche plasma therapeutic products.

Shareholders showed their approval of the name change by pushing the price of GDP shares up by nearly 10 per cent to AUD$1.03 at the time of writing.