Gradipore trade halted as director calls for board revamp

Trading in shares of Sydney-based company Gradipore were halted this afternoon after one of the company's directors sought to call a shareholder meeting to remove four directors from the board and elect two new ones.

The company is seeking legal advice and would not comment about which director had called the meeting.

Gradipore's directors are executive chairman Prof Jeremy Davis, US-based former CEO Robert Lieb, John Manusu, Dr Perry Manusu and Les Webb.

Lieb officially stepped down from the CEO's position last week after about a year in the job. The company is searching for his replacement.

Two weeks ago the company revised its projected loss for the year from $AUD12 million to $15.5-16 million, attributing the new figure to production cost blowouts and lower than expected sales of its Gradiflow instrument.

At the time of the trading halt, Gradipore's shades were worth $AUD0.83.