Troubled Dunedin biotechnology company Botry Zen has announced the resignation of director and Wanaka-based businessman John Gilks and the appointment of two new non-independent directors.
Botry Zen was recently unable to meet production targets and shareholders declined to go ahead with a $1.3 million capital raising.
However, the BNZ had since offered a $1.2 million overdraft facility, on top of almost $1 million owed, and the company has received cash injections from two companies in loans and share purchases totalling more than $1.2 million.
New director Michael Mellon is a director of Melic Innovators, which previously operated Bush Road at Mosgiel, and which had recently provided new capital to Botry Zen, in a $500,000 loan and $500,0000 for shares.
He is a former chairman of Summerfruit Orchards, Earnscleugh and a director of Barkers and NZ Blackcurrants Ltd.
Tim Dunn, a partner in accounting and business advisory firm Polson Higgs, has held directorships in a range of private companies, including experience with Central Otago viticulture developments and the commercialisation of start-up technology companies.
Botry Zen chairman Dr Max Shepherd said Mr Gilks had served as a director since 2005 and had resigned with immediate effect, having made a significant contribution to Botry Zen.
