New project to support life sciences boards and directors

This initiative will deliver two important resources to support Victorian biotechnology companies: an updated Code of Best Practice for Reporting by Life Science Companies; and the development and distribution of a companion document focused on governance for new directors and unique issues facing directors moving into life sciences for the first time.

The Code of Best Practice for Reporting by Life Science Companies was first published in September 2005 as a joint initiative of AusBiotech and the ASX. The finalised revised code, to be launched in 2013, will be distributed to Victorian biotechnology companies and located on the Australian Securities Exchange (ASX) and AusBiotech websites.

The companion document for new directors and those new to life science boards is also expected to be launched in 2013.

Biotechnology companies face unique and specific challenges and issues at various stages of their development, such as long lead times for product development and capital raising around clinical trials. The board of directors is a key factor in developing and implementing the right commercial and scientific strategy for a company.

The Victorian Government’s support of this project is part of its recently launched Enabling Technology Skills Strategy – Biotechnology (2012 – 2015).