McComas steps down from EpiTan board

Investment banker Malcolm McComas has resigned from the board of Melbourne tanning drug company EpiTan (ASX:EPT) after almost three years.

McComas, who has been with the company since it was incorporated in 1999, announced his resignation on June 26 citing other business commitments.

EpiTan managing director Dr Wayne Millen said McComas was originally appointed because of his experience within public companies and in fundraising.

The Grant Samuel director was instrumental in EpiTan's mezzanine fundraising round and then in launching the company's initial public offering in 2001.

"We were pleased he was able to contribute as much as he did, but he has other business commitments and, not having a particular focus on biotech, it would seem reasonable that he focus on other major projects," Millen said.

"On behalf of the board I would like to thank him for his contribution and wish him well with his extra activities."

McComas has 16 years of investment banking and five years of legal experience in the areas of equity and debt finance, acquisitions and divestments, and in the structuring and implementation of equity issues and privatisations.

Before joining Grant Samuel in 1999, McComas was managing director and co-head of Investment Banking at Salomon Smith Barney, managing director of corporate finance at County NatWest, and also spent time with Morgan Grenfell in Australia and the UK.

Millen said EpiTan would begin searching for a replacement immediately, adding that the company would probably look for someone with commercial pharmaceutical experience.

He stressed that, had McComas not resigned, there was no imperative to look for such a person, but that company would take advantage of the situation by seeking out the specialist skills.

"We have moved along now following the IPO more into biotech projects and at this stage we are probably entering a new era," Millen said.

"Because of our evolution we will look for someone with corporate savvy, experience in public companies and for someone more closely aligned with the pharmaceutical industry."