DR MERVYN JACOBSON REDIRECTS GENETIC TECHNOLOGIES
November 22nd 2008 01:17
Wednesday November 19, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: SUNSHINE UP 25%, PHOSPHAGENICS DOWN 12%
* DR MERVYN JACOBSON REDIRECTS GENETIC TECHNOLOGIES
* CATHRX STARTS AUSTRALIAN REGULATORY TRIAL
* PRECLINICAL DATA BACKS NEURODISCOVERY PAIN DRUG
* US PATENT FOR ANTISENSE’S ATL1101 FOR CANCERS
* JAPAN APPROVES ACRUX ‘CORE PATENT’
* GOODBYE PROTEOME, HELLO TYRIAN
* INNOVATION MINISTER OPENS ARANA’S NEW MELBOURNE FACILITY
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GENETIC TECHNOLOGIES
Genetic Technologies cofounder and largest shareholder Dr Mervyn Jacobson has taken control of his company sweeping out the board at today’s annual general meeting.
The key resolution to remove five directors, chairman Henry Bosch, managing director and chief executive officer Michael Ohanessian, former federal treasurer John Dawkins, David Carruthers and Monash University deputy chancellor Dr Leanne Rowe was passed by 194,595,828 votes (88%) to 24,721,283 votes.
Dr Jacobson and his fellow co-founder and director Fred Bart were left in control of the company and immediately after held a board meeting to appoint a third director as required under the Corporations Act and the company’s constitution.
Dr Jacobson told Biotech Daily that Aeris Environmental chief executive officer Huw Jones had been appointed to the board along with accountant Sid Hack.
Dr Jacobson said the board met after the annual general meeting and had taken several decisions.
“There are some decisions of the old board that will be reviewed,” Dr Jacobson said.
He nominated a review of the BRCA patents relating to the genetic testing for breast and ovarian cancer as one of the first decisions of the new board.
“We have initiated a review today,” Dr Jacobson said. He said he expected the review to take “a week or so”.
The enforcement of those patents by the company caused some concern led by the Cancer Council of Australia over changes to government laboratory testing and costs (see Biotech Daily October 23, 2008).
“There are lots of opportunities,” Dr Jacobson said, “Special areas of genetic testing, collaborations and new research areas.”
Asked if he would privatize the company, Dr Jacobson said that was “not on the radar”.
“The shares are cheap and I’ve been buying and reporting it,” he said.
The board has begun the process of looking for an interim or acting chief executive officer with interviews beginning today and then would conduct a search for a permanent chief executive officer.
Dr Jacobson has been reappointed to his former role of running the company’s licencing program.
The outgoing board has no further role at Genetic Technologies, although Mr Bosch and Mr Carruthers retain modest shareholdings and Mr Ohanessian holds 70,000 shares and 3,650,602 options.
Allowing for the 40 percent of shareholders who did not vote, Dr Jacobson’s resolution to replace the board, apart from Mr Bart, was won with 51.9 percent of the total available vote.
Dr Jacobson said that even if he did not vote, shareholders who supported his view of the company would have succeeded in winning the resolutions to oust the five directors.
Mr Bart was reelected with 211,209,074 votes in favor and 2,858,572 against.
The reelection of Mr Bosch and Dr Rowe were opposed by more than 194 million votes, with more than 25 million votes in favor.
The remuneration report and establishment of an employee option plan were won with more than 97 percent of the votes cast.
One observer at the meeting told Biotech Daily there were “some tense moments” as the discussion and voting unfolded.
Observers said that staff from the Australian Securities and Investments Commission were at the meeting and that at one stage Dr Jacobson was asked by an investor whether he would use his holding to “ramp” the share price.
Genetic Technologies fell 0.6 cents or 10.71 percent to five cents.
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