Former deputy prime minister Kim Beazley has stepped down from his role with biotech upshot Orthocell, citing health concerns.
Former deputy prime minister Kim Beazley has stepped down from his role with biotech upshot Orthocell, citing health concerns.
The biotechnology company told the market this morning Mr Beazley would step down from his independent non-executive director role but would continue in an advisory capacity for US and defence-related matters.
It’s a hit for the firm, which earlier this month achieved its maiden US sales revenue for its Remplir nerve regeneration product.
That revenue came from its first surgical use (in the US), on June 26 in Ohio.
The product is a collagen wrap used in nerve repair surgery to improve regeneration of damaged nerves.
The biotech firm’s chair John Van Der Wielen said he extended his sincere gratitude to Mr Beazley for his contributions.
“Kim’s extensive US experience, garnered from his extraordinary political and diplomatic career and decades of public service, have been pivotal in strengthening Orthocell’s international expansion, particularly in the US, the largest healthcare market in the world,” he said.
No other update on Mr Beazley’s health was provided.
Orthocell has often been held up as a bastion of WA’s med and biotech proficiency, boasting several high-profile executives.
And that looks set to continue, with Mr Beazley’s non-executive director role being picked up by former Deloitte Perth managing director Michael McNulty.
Mr McNulty has held several director roles at both listed and not-for-profit organisations.
He will also chair the firm’s audit committee.
Mr Van Der Wielen said he was delighted to welcome Mr McNulty.
“His significant leadership experience as a director and senior executive across a spectrum of industries, most notably in healthcare and resources, will greatly complement our board,” he said.
“Meanwhile, Dr Ravi Thadhani’s elevation to lead independent director will bring further collaboration, dedicated to the US market. We look forward to working with Michael and Ravi as we accelerate our global expansion strategy.”
The news follows Orthocell’s move recently to appoint Jim Piper as chief financial officer and Adam Wood to the newly created role of chief commercial officer.
The firm continues to push forward in strides and boasts a balance sheet with approximately $28.6 million cash in bank and no debt.
The company recently posted a 35.8 per cent uptick in revenue for FY25 to $9.19m, which followed five consecutive quarters of record revenue.
Orthocell will issue Mr McNulty 2,000,000 options at a price of $1.53 per share, expiring after three years.
Shares are currently trading at $1.34, down four per cent following the announcement.
