Panbio CEO to head Peptech board

Sydney biotechnology company Peptech announced today it had appointed Mel Bridges, CEO of Panbio, as chairman of its board.

Bridges, who has extensive experience in the biotechnology industry, replaces John Leaver, whose retirement becomes effective immediately.

In a press release today, Peptech said Leaver had resigned because his many interests prevented him giving sufficient time to Peptech's business. It thanked him for his "contribution and dedication to the company".

Peptech also announced it had appointed South Australian banker and businessman Jim Hazel as a director, following an extensive review process to identify directors who could add value to the company.

Bridges, who was a founding director of Panbio, has announced he will retire as CEO of that company early next year. Some of his other career achievements include establishing Queensland 'Top 400' company Pacific Diagnostics, and founding the medical device company Impedimed.

He was said that he believed Peptech had a significant role to pay in the Australian and international drug development field: "I see a great opportunity to help guide the company in this role."

Hazel has had a 30-year career in banking and investment banking in Australia and overseas, and currently heads Equity One Limited, a boutique bank specialising in aged care investment. He is also deputy chairman of Elders Rural Bank.

Peptech said it was continuing to evaluate other candidate directors who would add value to its board and the company.