Avexa bioadvisors on board Amanda Ellis Thursday, 2 September 2010
AS punters ignored a rumour a Calzada-led extraordinary meeting would take place this morning, Avexa progressed an options and assets review with the appointment of Bioadvisory Group managing director and former Progen Industries vice-president John Grew.
Dr Jonathan Coates
Avexa said biotechnology commercialisation specialists Bioadvisory Group would prepare a plan for the biotechnology company under the leadership of Bioadvisory MD John Grew.
The advisory group was founded in late 2009 by Grew, whose team also includes director, solicitor and ex-KPMG consultant Joshua Grew.
In June, the bioadvisors were appointed by Commercialisation Australia to provide advisory and support services to CA grant applicants and successful participants.
Bioadvisory Group will evaluate Avexas drug-development portfolio assets and consider potential strategic options.
In a statement released this morning, Avexa chairman Joe Baini said the board expected the review would provide a clear picture of potential value within Avexas portfolio of assets.
After careful consideration we have selected Mr Grew and the Bioadvisory Group based on their depth of experience, business acumen and track record in conducting similar reviews, he said.
Avexa chief scientific officer and interim chief executive Jonathan Coates told BTN he anticipated the company would make a number of announcements at its upcoming annual general meeting.
He predicted John Grew and his team would report back to Avexa within a few months.
We would clearly have something to say at the AGM, I would anticipate, he said.
The meeting has been flagged for November some two months after a September 28 extraordinary general meeting of shareholders to vote on motions to oust Avexas board in favour of biotech professionals put forward by major shareholder Calzada.
In Avexas market statement Coates said the company was in the process of arranging a meeting with regulatory authorities to discuss the potential paths forward for ATC.
This has not been undertaken previously and is essential to understanding the potential for this program, he said.
Responding to a question from BTN about when a meeting with the US Food and Drug Administration was likely to take place, Coates said he anticipated Avexa would also have something to say on that at the AGM, which is yet to be called.
According to a biography on professional networking site LinkedIn, former CSR Senior Corporate Microbiologist and Progen Industries vice-president John Grew has a MBA from Deakin University and a Master of Science in biochemical engineering from the University of New South Wales.
He was head of business advisory services at Innovation Dynamics, a director at separations company IPT and a corporate advisor at OzMarTech.
AVX Price at posting:
3.2¢ Sentiment: LT Buy Disclosure: Held
