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Hatchtech board and management changes
21 / 04 / 2009
Biotechnology company Hatchtech Pty Ltd today announced that Paul MacLeman has resigned as Chief Executive Officer and Director. The company congratulates Dr MacLeman who is leaving to take up the CEO role at a high profile publicly listed biotechnology company.
Since joining Hatchtech in 2005, Dr MacLeman and the board, management and advisors, have moved the company from research to Phase II human trials of the single treatment head lice control product DeOvoT. This is a new generation low-toxicity lousicide that is expected to be the first highly effective treatment for human head lice
The company has also made significant progress in developing opportunities in animal health and crop protection, signing a milestone bearing Research Collaboration Agreement with one of the world's largest chemical companies.
"Hatchtech is well resourced to move DeOvoT into Phase II trials and towards a transaction. This product offers the hope of revolutionising the control of head lice, potentially enabling a definitive cure of the condition with a single treatment," said Dr MacLeman. "The development program is progressing to timeline and budget and I wish the company every success in attracting a suitable partner to take the product through to market."
"Hatchtech is one of the successes in Australian biotech," said Hatchtech Chairman Dr Stewart Washer. "To have a Phase II program in a private company pursuing a US and Europe focused regulatory and business development strategy is unusual. Paul and the team have done an outstanding job in making Hatchtech one of the great stories out there right now. We expect to soon announce arrangements for replacing Paul."
Dr MacLeman will continue with Hatchtech until the end of April.
Since joining Hatchtech in 2005, Dr MacLeman and the board, management and advisors, have moved the company from research to Phase II human trials of the single treatment head lice control product DeOvoT. This is a new generation low-toxicity lousicide that is expected to be the first highly effective treatment for human head lice
The company has also made significant progress in developing opportunities in animal health and crop protection, signing a milestone bearing Research Collaboration Agreement with one of the world's largest chemical companies.
"Hatchtech is well resourced to move DeOvoT into Phase II trials and towards a transaction. This product offers the hope of revolutionising the control of head lice, potentially enabling a definitive cure of the condition with a single treatment," said Dr MacLeman. "The development program is progressing to timeline and budget and I wish the company every success in attracting a suitable partner to take the product through to market."
"Hatchtech is one of the successes in Australian biotech," said Hatchtech Chairman Dr Stewart Washer. "To have a Phase II program in a private company pursuing a US and Europe focused regulatory and business development strategy is unusual. Paul and the team have done an outstanding job in making Hatchtech one of the great stories out there right now. We expect to soon announce arrangements for replacing Paul."
Dr MacLeman will continue with Hatchtech until the end of April.