VRI BioMedical names new CEO

Perth-based probiotics and diagnostics company VRI BioMedical (ASX: VRI) has named Dr Peter French as its new CEO.

French, the company's chief operating officer since last November, replaces Perth-based businessman Leon Ivory in the CEO role.

French said his long experience as a research scientist, most recently at the Centre for Immunology at Sydney's St Vincent's Hospital, was partly behind the company's decision to appoint him CEO, as it continued to commercialise its R&D.

VRI already has two products on the market: ProBio, a probioitic intestinal health formula, distributed by US company Pharmanex, and Progastrim, approved for distribution by the Therapeutic Goods Administration in October last year.

Earlier this week the company reported positive results from a clinical study of its OncoAlert diagnostic test for Helicobacter pylori infections.

In a statement, French said his main priorities as CEO would be to focus VRI's resources on bringing product to market. "We have immediate opportunities to earn substantial revenue from our lead products," he said. "It is therefore essential that VRI maximises the value from its competitive advantages in these applications which have enormous global markets".

Ivory, who will continue to act as VRI's executive chairman, said French's appointment would also allow for closer management of the company's R&D, which is based in Sydney and Newcastle.

VRI is aiming towards a level 2 Nasdaq listing later in 2003. Mark Saunders, president of VRI's New York-based US corporate adviser Global Markets Capital, said French's appointment to the CEO role would be looked on favourably by US markets.

"Peter has the skill sets needed to lead a globally-oriented biotechnology company," he said.

French will continue to act as a non-executive director of cord blood storage company Cryosite (ASX: CTE), a company he co-founded in 2001.