Botry-Zen chairman resigns

John Scandrett
John Scandrett
Listed Dunedin biotech company Botry-Zen's chief executive John Scandrett has resigned to pursue interests outside the biotechnology sector.

In a brief announcement to the stock market this week, Botry-Zen chairman Dr Max Shepherd said Mr Scandrett had made a wide-ranging contribution since the company was formed six and a-half years ago, helping to establish a solid operational base.

In early June, Botry-Zen, which has developed a product that fights a grape-wasting fungus, announced it had reduced its annual losses from $1.6 million last year to $1.22 million this year, but at the cost of an expanding overdraft facility.

Three weeks ago, Botry-Zen was well on the way to raising a further $1.8 million from a private placement of convertible notes and stapled options, subject to shareholder approval in August.

The company had received commitments for $1.3 million, including some from directors and, subject to shareholder approval, would seek leave to raise a further $500,000.

The funding would be used to increase production and develop product marketing.

 

Add a Comment