Ann: Chief Executive Officer Resignation-PYC.AX, page-36

My first reaction was disappointment. The second was trying to make sense of it all.

According to Andreas Föller from a life science IT practice group, people in the US accept more easily that top managers are perhaps suitable only for a certain phase of a company's development. Nöller makes the point that as a biotechnology company moves from startup to commercialisation and then onto its operational stage and expansion, different management skills and experience are required. Apparently, Americans understand this more readily than Europeans where founders or early stage managers insist they can best manage a company no matter how far it develops.

Is this the playbook being used by the Board of Phylogica? If it is, then has Phylogica moved so dramatically to the next stage, where the science is somewhat settled and the focus moves from project to transaction - alliances, deals and strategic partnerships?