board change, page-2

I think we can safely say that Anthony Barton must have the utmost confidence and trust in the current Board of Directors. In fact, Barton must feel quite relaxed.

Lets say that you owned 12% of the share capital of a promising biotech company with IP which the Board says it would like to sell for over $200m within 24 months. Given that you have secured a front row seat as a Director, would you even consider retirement? Would you be prepared to step down from the inside position of knowing everything that happens within the company? Would you be willing to forego the opportunity to participate in Board decisions which directly impact upon your multi million $$$$$dollar investment?

Well, thats what Barton did - as I said, he must feel pretty relaxed about the current Board. I understand that a lot of other smaller shareholders probably feel less relaxed with the share price hovering around 7c with air underneath.

Another guy who appears to be quite relaxed is Nick Woolf. Woolf is packing the furniture and crockery and moving his family from the UK to Australia where he has signed on with Phylogica. He was the Chief Business Officer of Oxford BioMedica which appears to be an established biotech player; key hole stats for Oxford BioMedica include revenue of 19m pounds in 2009 and 21.3m pounds in the bank as at the March quarter. I assume that Woolf sees his new non executive director and consultancy role at Phylogica as a positive career move. I'm sure his family hope so.

I guess if Anthony and Nick are relaxed then I can stop worrying about the share price and look forward to Phylogica growing its business and realising value for its shareholders.