QBiotics rocked by dispute over sacking of top scientist Paul Reddell
A boardroom battle has erupted at biotech firm QBiotics after the shock termination of its co-founder just months before its planned stock market debut.
A boardroom stoush has erupted at life sciences company QBiotics Group over the sacking of co-founder Dr Paul Reddell for alleged “serious misconduct” as the company prepares to float on the ASX.
The issue was sparked by Reddell downloading files onto an external drive which in a statement on Friday issued by chief executive Stephen Doyle says involved “confidential and proprietary material” and were a breach of his employment.
“The company determined that termination of Dr Reddell’s employment was appropriate, and in the best interests of the company and its shareholders,” he told shareholders.
Reddell, who co-founded the initial discovery company Ecobiotics in 2000 with Dr Victoria Gordon which later became QBiotics, based in Toowong Brisbane, has denied the serious misconduct allegation.
He has been replaced as the company’s chief scientific officer but remains on the Board as a non-executive director.
Gordon and Reddell are both major shareholders in the company which researches the natural environment to find treatments for cancer and wound healing.
Last Friday Gordon fired off a letter to shareholders criticising the decision to terminate Reddell’s employment claiming it posed a significant reputational risk to the company.
She says the files that Reddell downloaded were “primarily personal in nature” such as music and photographs, with a lesser number being company files.
“The allegation of serious misconduct in my view is unfounded. Paul firmly denies the allegation,” she says.
“These company files related directly to his area of responsibility, many of which were already publicly available, outdated, or otherwise non-sensitive.
“Paul did this transparently over a five-day period and at no time did this information leave company premises. Despite the seriousness of the allegation, the decision to terminate Paul due to alleged serious misconduct has been made without full due process.”
The matter will come to a head on November 25 at the company’s AGM in Brisbane.
The company has expected to float on the ASX this year but the date has not been confirmed.
Gordon says Reddell has served the company with “distinction and integrity” for more than 25 years and he played a pivotal role in the discovery and development of all intellectual property associated with the QBiotics drug programs.
“I believe it’s in all our interests to ensure that this matter is reviewed thoroughly and fairly, with transparency and due consideration,” she says.
QBiotics reported a before tax loss for the year ended 30 June 2025 of $20.6m up from the previous 12 months of $17.5m.
Surf’s up
The mining industry’s favourite east coast conference is back again, with small cap resources companies set to descend again on the Sunshine Coast for the latest Noosa mining investor conference.
Hosted by Phil Dickinson’s Equity Events, the November 12-14 event is set to welcome another large crowd of miners and investors to the resort town amid an upturn in sentiment driven by precious metals and rare earths.
Nearly 60 ASX-listed companies across critical minerals, copper-gold and energy will present their wares, including Brisbane-based silica sand miner Diatreme Resources and lithium company Lake Resources.
Conference keynote speakers including Austex’s Rob Murdoch, Canaccord Genuity’s Paul Howard and FatTail Research’s James Cooper.
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Originally published as QBiotics rocked by dispute over sacking of top scientist Paul Reddell
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