T YR AT ECH, INC. / ANNUAL R EPORT 20 0 9
Directors' Report
(CONTINUED)
and employees who have access to its proprietary information
and know-how, but such agreements may be breached and TyraTech may not have adequate remedies for such breach. In addition, TyraTech's trade secrets may otherwise become known or be independently developed by competitors. If certain parts of TyraTech's proprietary information and know-
how were to become public knowledge, then the value of TyraTech's products could be adversely affected which could have a material adverse effect on TyraTech's business, financial condition and results of operations.
TyraTech's Ability to Introduce Certain of Its Products to Market Is Dependent on Successful Completion of Regulatory Approval Process
Insecticide and parasiticide products are subject to a regulatory approval process in the US, in Europe and other parts of the world which is extremely expensive and can take years to complete. Failure to obtain or maintain regulatory approval could result in the inability to market and sell such products. Of particular importance is the requirement, applicable in most territories, that an approval to market a biocide in the relevant territory, or an exemption from it, be obtained from the relevant regulatory authority. Such approval would usually require the collection and evaluation of data relating to the quality, safety, efficacy or performance of the product candidate for its proposed use. The time necessary to obtain regulatory approval varies among products and between
the US, Europe and the rest of the world and is affected by numerous factors many of which are beyond TyraTech's control. There can be no assurance that regulatory clearance for the product or, indeed, for trials at each stage and approval for TyraTech's product candidates still in development will
be forthcoming without delay or at all.
Regulatory Investigations and Litigation May Lead to Fines or Other Penalties
There is a risk that TyraTech would face regulatory investigation as a result of any of its products, if there were data errors in the submission documents or if new data came out that impacted the claims or safety profile of the product.
CHARITABLE DONATIONS
The Group has made charitable donations to local charities during the year of US$0.4 million (2008-US$0.2 million) to educational institutions involved in the development of our technology.
DIRECTORS
The directors who served during the year were as follows:
G.N. Vernon (resigned 8 May 2010)
R.D. Armstrong (resigned 4 January 2010)
K.E. Bigsby
A.J. Reade
B.M. Riley
K.D. Noonan
D.P. Szostak (resigned 16 September 2009)
P. Regan (appointed 16 September 2009)
Biographies of the Directors Follow:
• Geoffrey Vernon was appointed on 25 May 2007 as Non-executive Chairman. He is Chairman of XL TechGroup Inc. and is a former executive director of Rothschild Asset Management Ltd., partner of the venture capital group Advent Limited, and has over 20 years experience in healthcare and life sciences. Dr. Vernon is chairman and/or Non-executive director of a number of quoted and privately owned companies in the UK, Germany, Ireland and Israel. He is also a Fellow of the Institute of Directors and one of the first directors in the UK to be admitted as a Chartered Director. He was a member of the Audit Committee and chairman of the Nomination Committee throughout the year. Subsequent to the year end on 4 January 2010 he resigned as Chairman, but remained as a Non-executive Director and he resigned from the Board on 8 May 2010.
• Doug Armstrong was appointed on 2 February as
Chief Executive Officer. He has over 20 years experience in the assessment and development of biotechnologies, as well as in-depth corporate management experience at public and private biotechnology, medical device and developmental research companies. Prior to his appointment at TyraTech, he was CEO and Chairman of Aastrom Biosciences Inc., which he led from start-up, through development, and a public offering on NASDAQ. He currently serves on the board of VisualSonics Inc. where he earned fees of US$19,100 in
2009 (2008-US$28,600) which he has retained. He has
also served on the boards Nephros Therapeutics Inc., Cytomedix Inc., Zellera AG (Germany), and the Burnham Institute, where he also served as the Executive Vice President. In addition, he has served as a member of the advisory board of Wolverine Venture Fund, and an advisor to Auxol Capital. Dr. Armstrong is a graduate in Chemistry
