The directors of Rockeby biomed Limited submit herewith the annual financial report of the company for the financial year ended 30 June 2006. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:
The names and particulars of the directors of the company during or since the end of the financial year are:
DIRECTORS
SEET Lip Chai, Dr. (MBBS, DPH, FAMS), Chairman
Dr Seet was appointed to the Board as non-executive Chairman on 29 October 2003. He is presently a full-time Associate Professor in Strategic Management at the Nanyang Technological University, Singapore and Deputy Director of the Nanyang Technopreneurship Center and was the Director of the Executive MBA Program. Prior to joining Nanyang Technological University, he was the Managing Director (Greater China) of GlaxoWellcome PLC, which was based in Shanghai from 1997 to 1998.
From 1984 to 1994, Dr Seet was the Regional Director (Asia) for Medical and Regulatory Affairs of the then Ciba-Geigy South East Asia Pte Ltd. He was subsequently appointed Vice-President of the then SmithKline Beecham International PLC and General Manager and Director of Tianjin SmithKline & French Labs Ltd based in Tianjin, Peoples Republic of China (‘PRC’).
Dr Seet held the rank of Colonel and was the Chief Medical Offi cer of the Singapore Armed Forces Medical Corps from 1968 to 1984, before taking early retirement and joining the pharmaceutical industry in 1984.
A Fellow of the Academy of Medicine, Singapore (“FAMS”), Dr Seet is also an Honorary Member, Visiting Professor and Honorary Consultant to several of China’s leading medical, educational and professional organisations. He graduated from the University of Singapore with a Bachelor of Medicine and a Bachelor of Surgery (“MBBS”) and subsequently gained his Diploma in Public Health (“DPH”) with Distinction.
Since 1 September 2005, Dr. Seet has been appointed an independent non executive Director of Jiwa Bio-Pharm Holdings Limited (Stock Code: 2327) a company listed on the Hong Kong GEM Board.
During the past 3 years Dr Seet has not served as a Director of any other listed companies other than those disclosed above.
TAN Sze Wee, Dr. (MBBS, MBA), Managing Director and Chief Executive Officer
Dr Tan was appointed to the Board on 29 October 2003. He is responsible for the overall management and strategic direction of the Company and the Rockeby Group. Dr Tan joined Rockeby on 1 July 2001.
Prior to joining Rockeby, Dr Tan was the Asia-Pacifi c Associate Regional Medi-
cal Director for Mead Johnson Nutritionals, a division of Bristol-Myers Squibb Company from 1997 to 2001.
Dr Tan is currently the offi cial spokesperson and council member of the Singapore Medical Association (“SMA”). He has been part of the SMA’s Council since 1996 and has performed the duties of Assistant Honorary Secretary, Assistant Treasurer and Treasurer during this period of time. He is currently the Chairman of Singapore Medical Association Private Limited, the commercial entity of SMA. Dr Tan has represented SMA on several Ministry of Health committees such as the Singapore Medical Council Continuing Medical Education Co-ordinating Committee, and the Maintenance of Competence Committee. He also represented SMA as the Vice-Chairman of the Advertising Standards Authority of Singapore’s Executive Committee. Dr Tan also served as a Member of the Broadcasting Appeals Advisory Committee, of the Ministry of Information, Communications and the Arts. Dr Tan was awarded the Spirit of Enterprise 2004 award for his success in Entrepreneurship, and is currently serving as a board member to the Spirit of Enterprise Board. He is also a committee member to the Citibank -YMCA Youth for Causes Project.
Dr Tan was appointed to the Singapore Parliament as a Nominated Member of Parliament from 2 January 2005 to 5 May 2006.
Dr Tan graduated with a Bachelor of Medicine and a Bachelor of Surgery (“MBBS”) from the National University of Singapore, and attained his Masters of Business Administration (“MBA”) from Warwick University, UK. He is an affi liate member of the Faculty of Pharmaceutical Medicine, Royal College of Physicians, UK.
During the past 3 years Dr Tan has not served as a Director of any other listed companies.
Richard L. CASEY (BSc, MBA), Non-Executive Director
Mr Casey was appointed to the Board on 29 October 2003.
He is currently an independent biotechnology consultant and has over 30 years of experience in the pharmaceutical and biotechnology industries. From 1987 to 1998, Mr Casey held the positions of President, Chairman and Chief Executive Offi cer of Scios Inc., a California-based biopharmaceutical company, where he managed to raised a total of US$250 million through equity fi nancing, preferred stock sales and payments for product development collaborations with companies such as Genentech, Pfi zer, Eli Lilly, Bayer, American Home Products, Aventis and Novo Nordisk. Mr Casey served as President of the Pharmaceuticals Division at ALZA Corporation from 1984 to 1987. Prior to joining ALZA Corporation, Mr Casey held various positions within Syntex Corporation from 1976 to 1984, including Director of Market Research and Vice President of Sales at Syntex Laboratories, and General Manager of the Syntex Medical Diagnostics Division. From 1973 to 1976, he worked with Eli Lilly and Company in a variety of sales, marketing and market research roles.
From 1968 to 1970, he served in the United States Peace Corps (Ethiopia) where he was responsible for writing, producing and presenting science and mathematics programs on Ethiopian Educational Television.
Mr Casey earned a Bachelors degree in Chemistry and a MBA from Stanford University, USA.
During the past 3 years Mr Casey has not served as a Director of any other listed companies.
TAN Swan Jeng, Non-Executive Director
Mr Tan was appointed to the Board on 8 March 2004.
Mr. Tan had been a partner of Coopers & Lybrand, Singapore from 1969 to 1996, and held the position of Senior Partner and Executive Chairman from 1988 to 1996 prior to his retirement. He was also a board member of Coopers & Lybrand, International during that period. Mr Tan served as Chairman of the Accounting Standards Committee of the Institute of Certifi ed Public Account-
ants of Singapore for several years.
Mr Tan now sits on the boards of the following Singapore-listed companies:
- Sembawang Kimtrans Limited (since 13 January 2000) and
- Wheelock Properties (Singapore) Limited (since 1 December 2001).
Mr Tan also served on the board of Courts (Singapore) Limited from 25 August 1997 until his retirement on 14 July 2006.
Dr. Nicholas SAMARAS, Non-Executive Director
Dr Nick Samaras was appointed to the Board on 25 November 2005 and has over 20 years’ experience in the global life sciences industry and is the Managing Director and founder Australis Biosciences. He has worked in senior roles with global life science companies such as Applied Biosystems Pty Ltd, a subsidiary of Applera Corporation, and Perkin Elmer. During his career he has been involved in a diverse range of roles within the industry including senior management, marketing, sales, business development and research.
He holds a BSc(Hons) in Pathology and Immunology, Monash Medical School, PhD in Molecular Parasitology from the Walter & Eliza Hall Institute, University of Melbourne and an MBA from the School of Management, RMIT University. Dr Samaras is a Fellow of the Australian Institute of Management and the Australian Institute of Company Directors and a Williamson Fellow, Leadership Victoria.
Dr Samaras consults to and is a member of several organizations including:
Chairman of Replikun Biomed Pty Ltd., CEO of MuriGen Therapeutics, Non ExecutiveDirector of Teeleostin Pty Ltd, Non Executive Director of the Australian Genome Research Facility and Non Executive Director of the Australian Phenomics Facility.
He is a member of the NHMRC Research Committee, Visiting Fellow of the John Curtain School of Medical Research, Australian National University, Honorary Associate of the Faculty of Medicine, Nursing and Health Sciences, Monash University and Honorary Scientifi c Associate, School of Molecular Sciences, Faculty of Science, Technology and Engineering, La Trobe University.
During the past 3 years Dr Samaras has not served as a Director of any other listed companies.
Sam DI GIACOMO, CA, F. Fin Non-Executive Director
Mr Di Giacomo was appointed to the Board on 5 April 2006
Mr Di Giacomo brings 17 years of experience in the global biotechnology sector to Rockeby. He has been involved in numerous capital raisings at all stages from seed to IPO, and has been involved in a number of technology and distribution licensing deals. He is also a founder of a number of Australian Life Science Companies including pSimedica Ltd, Australian Cancer Technology (now Avantogen), Resonance Health, and founding director of Advance Healthcare Group.
Mr Di Giacomo is an Associate member of The Institute of Chartered Accountants in Australia (ACA) and a Fellow of the Financial Service Institute of Institute of Australia (FINSIA). He is a Fellow of the Australian Institute of Management and a member of the Australian Biotech Association. In addition, Mr Di-Giacomo is a Certifi ed Public Accountant (CPA).
During the past 3 years Mr Di Giacomo also acted as Executive Director of Advance Healthcare Group Limited until his resignation on 29th September 2005.
David FREE, Non-Executive Director
Mr Free was appointed to the Board on 8 March 2004 and resigned on 30 November 2005.
He has held various senior executive appointments including Managing Director of Ciba-Geigy South East Asia, an affi liate of the major Swiss multinational pharmaceutical and specialty chemical company, from 1981 until his retirement in 1996. He also held posts in Western Australia and Japan, and has wide experience in North-east and South-east Asian markets. When in Singapore, he was also a director of several affi liate companies in the region.
John R. WARMINGTON, Dr. (MA, PhD), Non-Executive Director
Dr Warmington was appointed to the Board on 29 October 2003 and resigned on 31 March 2006.
He held the position as Director of Research & Development of Rockeby biomed (Australia) Pty Ltd until 10 March 2005 when he relinquished this position to assume a consultancy role as Chief Scientist. Dr Warmington remained as Executive Director of Rockeby biomed (Australia) Pty Ltd and as Non-Executive Director of Rockeby biomed Limited until his resignation.
Dr Warmington is an Associate Professor at the School of Biomedical Sciences at Curtin University and is Director of the Candida Research Unit, Curtin University which obtained grants from the Australian National Health and Medical Research Council and other funding bodies to undertake research into how Candida causesinfection. Dr Warmington founded Genetica, an Australian biotechnology research and development company in 1995, where he was involved in basic research and the subsequent development of Rockeby’s core technology.
Dr Warmington is a graduate of Cambridge University, UK where he obtained his Bachelor of Arts (Honours, Genetics) and Master of Arts in Genetics. He also holds a doctorate (“PhD”) in Biotechnology from the University of Manchester, UK, and has published over 30 papers in refereed international journals. In addition, he has been an invited speaker at several national and international conferences. Dr Warmington was also one of the initial scientists on the Yeast Genome Project.
During the past 3 years Dr Warmington has not served as a Director of any other listed companies.
COMPANY SECRETARY
Darren CRAWTE LL.B (Hons), ACA
Darren Crawte is a Chartered Accountant with seven years of experience working within public practice, specifi cally within the area of audit and assurance both in the United Kingdom and Australia. In addition Darren has had signifi cant experience of assisting listed companies meeting their reporting and compliance obligations in Australia. Darren was appointed Company Secretary on 30 November 2005 upon the resignation of the previous Company Secretary, Ban Huat Tan.
