Sirtex Medical is an Australian-based biotechnology company which engages in the development, manufacture, and distribution of liver cancer treatments.
Sirtex Medical sales have grown tenfold over the last decade as their sole product, SIR-Spheres, rapidly gained adoption by oncology centres in the US. This stellar run of growth catapulted Sirtex Medical from the small companies’ universe into the S&P/ASX 100 in a relatively-short period of time.
We met with Sirtex Medical’s Chairman and CEO to raise concerns we had regarding lack of top 100 listed experience among directors, given that Sirtex Medical was now a large cap company and would face new challenges and responsibilities.
We suggested recruitment of additional independent directors, preferably with ASX 100 board and US Medical Device Industry experience. We consider the structure of company boards to be important and we will engage with companies where we feel the board’s skills and experience could be strengthened.