New head named for QBF

Neill Colledge, the senior portfolio manager and head of research for domestic equities at Queensland Investment Corporation (QIC), has replaced Kathryn Radford as CEO of the AUD$100 million Queensland BioCapital Funds (QBF). QBF was set up in 2002 as a wholly-owned subsidiary of the Queensland government backed QIC. Colledge was instrumental in developing QBF, and has been heavily involved in QIC's emergence as the largest single investor in Australian biotechnology over the last three years.

QBF has borne the brunt of scrutiny and criticism in recent weeks, after a rumoured board disagreement prompted both Cytopia (ASX:CYT) and Biotech Capital (ASX:BTC) to sell their stakes in unlisted biotech Xenome to QBF.

QBF already had a $6 million investment in Xenome, one of only two investments it had made in the two years since its inception. QBF's other investment is a $2.4 million stake in fellow Queensland company Glycoz. Colledge said the announcement of a third investment was only days away, and awaiting final settlement.

When it was first established, Queensland premier Peter Beattie gave QBF a brief of investing in about 20 biotechnology projects over 10 years.

Colledge said today that he was unable to speculate on what had prompted Radford's resignation, but said he had a high regard for her talents.

QBF chairman Trevor Rowe said Colledge brought enormous expertise in and passion for biotechnology investment to QBF, which he said would transform into benefits both for the QBF and its clients. He said Radford -- who had worked in business development and R&D management at GlaxoWellcome, BioSignal and Ambri -- had contributed pharma expertise and set up QBF's systems.