New CEO for expanding PharmAust

Dr John Moursounidis has been hired as CEO for West Australian pharmaceutical company PharmAust (ASX:PAA).

According to Moursounidis, the company is still in its building stage and is consolidating its ownership. Six weeks ago it acquired Melbourne-based company Mimotopes.

"This company compliments our existing ownership of EpiChem," said Moursounidis. "Both are concerned with short chain polypeptides for diagnostics and also in primary drug development."

Mimotopes' SynPhase combinatorial chemistry technology is being used by a number of pharmaceutical and drug discovery companies including Novartis and its subsidiary Infinity Pharmaceuticals, which recently placed an order for AUD$830,000 worth of SynPhase components. PharmAust develops, designs and supplies medicines to markets ranging from prescription drugs for serious conditions, to over-the-counter medications, as well as those used in institutions such as hospitals.

"PharmAust is a supplier and provider of high quality medicines and high end services in the pharmaceutical sector," said Moursounidis. He said the company's medicines target conditions such as cholesterol, hypertension, diabetes, and gastro-intestinal problems such as high acidity. "Drugs for common western diseases," said Moursounidis.

PharmAust said it is collaborating with top-tier multi-national drug companies. Priority issues for the company have been obtaining a TGA licence for its manufacturing facility in Welshpool and registration of XEPA Soul Pattison generic drugs in Australia.

Moursounidis has held senior positions at Procter & Gamble and Boots Healthcare Australia. Most recently he was head of scientific affairs at Boots.