Phylogica seeks new CEO after Washer resigns

Subiaco-based drug development company Phylogica Ltd is searching for a new chief executive after current chief Dr Stewart Washer announced he would be leaving the company in April next year.

Board chairman Aki Von Roy said the recruitment intitiative followed a recent extended strategic meeting which highlighted the significant potential of Phylogica's core technology and the importance of clinical validation to maximise its value.

As a consequence, the board committed to expanding Phylogica's executive skills set to ensure it was well positioned as its innovative drug discovery technology proceeded to a more advanced phase, he said.

Mr Von Roy said Dr Washer had chosen to step down after fulfilling his mandate to develop the company to an advanced stage.

"Dr Washer has done an outstanding job in the challenging biotech environment to lead Phylogica from start-up through drug discovery to this point, where we are about to initiate human clinical trials. These trials represent an important milestone for the company and are expected to lead to a significant re-rating for the company," he said.