Sutton resigns from Polartechnics board

Richard Opara has completed step one in his plan for Sydney device company Polartechnics (ASX:PLT), installing himself as chairman today, after Ventracor CEO Colin Sutton resigned from the position, ending a three week board tussle.

Opara has also appointed the new American chief executive of his other biotech play AustCancer (ASX:ACU), Len Firestone, as a non-executive director of Polartechnics. Non-executive director Glenn Rosewall has also resigned, and Robert Hunter, a principal at Sydney-based accounting firm Ure Lynam & Co has also been appointed as non-executive director.

Opara became a substantial shareholder -- with 12.76 per cent of the company's shares - in mid-Feburary. At the time, he said, Polartechnics had no other substantial shareholders. Opara is also a 19.57 per cent shareholder and non-executive chairman at AustCancer (ASX:ACU).

Polartechnics is commercialising screening systems for detection of skin and cervical cancer as well as an image, video and patient data management system, and has steadily declined in value since it reached its peak share price of more than AUD$6.00 in February 2000.

Opara today said that Australian biotechnology companies were 'sleeping giants'. He believes the only way for both AustCancer and Polartechnics to realise their potential is for them to be based in thick of the American market: "Both companies will move to America," he said today.

Shares in the company remained unchanged today at $0.34.