07/07/2009 - 14:56

Bruce Gray fails to oust Sirtex chairman

07/07/2009 - 14:56

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Perth scientist Bruce Gray has failed in his attempt to oust the chairman of Sydney-based Sirtex Medical, a company Dr Gray founded.

Bruce Gray fails to oust Sirtex chairman

Perth scientist Bruce Gray has failed in his attempt to oust the chairman of Sydney-based Sirtex Medical, a company Dr Gray founded.

Dr Gray, who holds 29.52 per cent of Sirtex, was again seeking the removal of Richard Hill following failed attempts in 2006 and 2008.

At a meeting in Sydney today, the majority of shareholders with just over 57 million shares voted to keep Mr Hill in his position. Around 36 million voted against.

Dr Gray had previously sought the removal of Mr Hill in 2006 at the company's annual general meeting and again at a separately convened extraordinary meeting.

Both resolutions were withdrawn prior to the meetings.

In 2008, Dr Gray opposed the re-election of Mr Hill as a director however the majority of shareholders supported Mr Hill's re-election.

Dr Gray and Sirtex have a long history, complicated by legal matters involving intellectual property rights over a liver cancer treatment and Dr Gray's former employer, the University of Western Australia.

In May this year, Dr Gray won a Supreme Court case against Sirtex that allowed him to carry on with his business.

Sirtex had sought an injunction preventing Dr Gray from working or having an interest in a similar business.

Dr Gray is also involved in a legal battle with the University of WA, which claims it has rightful ownership of a cancer treatment technology - currently being commercialised by Sirtex .

 

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