Coleman to chair biotech company

07/08/2017 - 11:28

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Perth businessman Craig Coleman has been chosen to lead the board of biotech company Universal Biosensors Inc, as part of a board and management shake-up.

Coleman to chair biotech company
Craig Coleman will chair the Victoria-based biotech company.

Perth businessman Craig Coleman has been chosen to lead the board of biotech company Universal Biosensors Inc, as part of a board and management shake-up.

Victoria-based UBI said today Mr Coleman, who has served on the company’s board as a director since mid-last year, would succeed Andrew Denver as chairman.

Mr Coleman is also chairman of Wyllie Group-backed fund manager Viburnum, which is UBI’s largest shareholder with a 16 per cent stake.

“This is the start of a new period of growth for UBI given our innovative and product development pipeline, collaborative partnerships with leading global healthcare companies, positive operating cash flows, strong balance sheet position and experienced and motivated executive team,” Mr Coleman said.

“Andrew has been a significant contributor to the success of UBI since its formation.

“UBI has benefitted from Andrew’s knowledge of the life sciences industry and experience as a long-standing industry leader.”

UBI is a specialist medical diagnostics company that develops diagnostic test systems for point-of-care professional and home use.

Its core technology is a disposable, multi-layer test strip, which incorporates an electrochemical sensing system that rapidly and accurately measures biomarkers in the blood. The technology offers speed, ease of use, reliability and accuracy at a low cost.

Mr Denver, who has served as chairman since 2005, also relinquished his role as interim chief executive of UBI to incoming CEO Rick Legleiter who will begin in the new role in October.

Mr Denver will remain with UBI in an advisory role for at least a year.

Mr Coleman said the company remained committed to an ongoing review of the board’s composition to ensure an appropriate range of qualifications and diversity amongst its members.

UBI shares were 5 per cent higher to 42 cents each at 11:20am.

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