Gradipore hires CEO after six-month search

Sydney-based bioseparations specialist Gradipore (ASX:GDP) has named former investment banker Greg Pynt as its new CEO. Pynt, whose previous roles include being joint head of equity capital markets at Deutsche Bank as well as a stint at Intersuisse, replaced US-based Bob Lieb, who quit the CEO post in May.

Pynt took the helm on Tuesday after several weeks of interaction with the company in a consulting role, bringing financial and deal-making skills to the company. Gradipore has endured a rough 2002-'03 with a higher than expected annual loss of nearly AUD$17 million, restructuring and difficulties in getting the company's technology to market.

Pynt said that while Gradipore's technology was well regarded, the company's culture had not been as commercial as it should have been. He said he planned to continue a turnaround at the company, bringing a more commercial focus and attention to increasing revenues and reducing costs.

"I'm hoping to achieve far more revenues than we have garnered in the last few years," he said.

Board chairman, Prof Jeremy Davis, said the appointment marked an important step in Gradipore's bid to refocus, allowing the company to develop its core technology and rebuild shareholder value.

Pynt said he expected to spend a couple of years with Gradipore, paving the way for a CEO with more biotech experience to take over down the road.

"I can bring a commercial bias and be a change agent so that someone with the right biotechnology skills can later come in to lead the company," he said.

"I think we can be successful. I'm committed to making it successful and I think the people here have the skills to do so."