Director's Report
(CONTINUED)
TYRATECH, INC. • ANNUAL REPORT 2011 • PAGE 16
assurance can be given that TyraTech will successfully commercialize
the product or technology prior to expiry of the patent
protection. It is also not certain that extensions of patent
protection (patent term extensions, supplementary protection
certificates or their equivalent around the world) will be available
at the end of the term of patents currently in existence
so as to provide patent protection during the initial period in
which products are marketed. TyraTech may be unable to adequately
protect its proprietary information and know-how. In
addition to its patented technology, TyraTech relies upon unpatented
proprietary technology, processes and know-how.
TyraTech has confidentiality agreements in place with customers,
suppliers 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 or registration process in the US, in Europe and
other parts of the world. Failure to obtain or maintain regulatory
approval or registration could result in the inability to
market and sell such products. The time necessary to obtain
regulatory approval or registration 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$12,700 (2010 - US$0.4 million) to educational
institutions involved in the development of our technology.
DIRECTORS
The directors who served during the year were as follows:
A.J. Reade
B.M. Riley
J. Hills
P. Regan (resigned May 31, 2011)
In addition, K. Schultz was appointed April 1, 2012
BIOGRAPHIES OF THE DIRECTORS FOLLOW:
Alan Reade (Executive Chairman) was appointed on May 25,
2007 as Non-executive Director. He is owner of Global Strategy
Expression Limited, a consulting and advisory services business
in the life sciences industry. From 2000 until his retirement in
2005, he served as executive chairman of Merial Limited, a
leading animal health company and joint venture between
Merck & Co. Inc. and Sanofi Aventis. Earlier in his career he was
head of global integration at Aventis, where he was in charge
of merger integration, and Chief Executive Officer and member
of the Global Executive Committee at Rhone Poulenc Inc.
He previously has been a director of Sygen International and
IFAH, a global animal health association as well as more than
40 Merial subsidiaries. Alan severed as Executive Director of
TyraTech during 2011.
Barry Riley (Non-executive Director) was appointed on May
25, 2007. After qualifying as a Chartered Accountant, he
