Gradipore to refocus on commercialising its technology

After several tumultuous days that saw almost the entire board of directors replaced, bio-separations company Gradipore said today that it plans to focus on commercialising its technology for large-scale separations.

Four new directors will join John Manusu -- the only remaining director from the old board -- and Perry Manusu, who was voted back onto the board last week, replacing the six board members who were voted off or resigned from the board in the AGM board stoush last Thursday.

The new board members include former Peptech managing director Stephen Kwik, who joins Gradipore as non-executive chairman, and former Gradipore (US) CEO Dr Hari Nair, who has been appointed managing director. Dr Jim Brown, president of the international division of Amersham Biosciences, and cardiologist/haematologist Dr Choon Lee have also joined the company as non-executive directors.

"We feel that it is a well-rounded board," said Manusu, who has taken on the role of executive vice chairman.

According to Manusu, the cause of the board dispute was a difference of opinion in the way Gradipore's technology should be commercialised.

"Gradipore has had some different views as to where the company should go," he said. "The shareholders resolved the issue in favour of large scale separations."

He noted that a new business plan would be released to the market later this week or early next week, outlining the plans for the company going forward. At the top of the list is a program to take a niche therapeutic through the clinic to the market in order to validate the technology as acceptable to the FDA, he said.

An orphan drug product had already been identified by the new team for this program, Manusu said.

Trading of Gradipore's shares on the ASX was halted last Thursday while the company resolved its board issues, and trading resumed yesterday. At the time of writing, the shares were trading up 21 per cent at AUD$0.485.