QBiotics further clarifies recent leadership changes and provides context on AGM voting
BRISBANE, November 7, 2025
QBiotics Group Limited (QBiotics) provides the following clarification regarding recent leadership changes identified in our Announcement dated 31 October 2025 and matters pertaining to the pending Annual General Meeting (AGM).
Clarification of circumstances surrounding Dr Paul Reddell's employment conclusion
The Company terminated Dr Reddell’s employment due to serious misconduct which, in its view, was inconsistent with QBiotics' interests and constituted a breach of his employment agreement. The relevant conduct involved the Company's confidential and proprietary material. The Company determined that termination of Dr Reddell’s employment was appropriate, and in the best interests of the Company and its shareholders. Once the Company became aware of the conduct, it took immediate steps to address it.
The Company has taken steps to ensure there is a transition plan in place, as outlined in its previous announcement.
Annual General Meeting
QBiotics is aware of an email sent to shareholders containing voting recommendations on AGM resolutions. The Company provides a response to some of the commentary in that email:
Assertion 1: The proposed amendment to the Company’s Constitution (Resolution 1) is unnecessary and that its wholesale review would be required at the time of an IPO
As outlined in the AGM Notice of Meeting (dated 31 October 2025), the Company had been advised that several shareholders (holding sufficient voting power to call for a shareholder meeting) were concerned regarding clause 37 of the constitution (Founder Clause) and supported its removal from the Constitution. The shareholders did not proceed with requisitioning a separate shareholder meeting as they were informed by the Company that the resolution addressing this matter would be included in the AGM notice.
The Board (excluding the Founder Directors, Dr Victoria Gordon and Dr Paul Reddell) recommends shareholders vote in favour of removing Clause 37 for the reasons set out in the AGM Notice of Meeting.
Assertion 2: The 1-hour time slot proposed for the AGM is insufficient
The Company reaffirms its commitment to strong governance and transparent communication. In keeping with previous years, the cover note for the Notice of Meeting included an anticipated one-hour duration for the AGM. In response to shareholder feedback, the Directors have extended the scheduled time to 1.5 hours - the meeting will, however, remain open until an appropriate and reasonable point of closure, as determined by the Chair.
Assertion 3: Questioning whether Mr Sergio Duchini has appropriate allegiance, or sufficient understanding of the Company and its background to effectively perform his duties as an Independent Non-Executive Director
Mr Duchini has more than 30 years of executive and board-level experience spanning biotechnology, healthcare technology, and professional services. He is an experienced Chair and Non-Executive Director with extensive expertise in governance, capital markets, R&D commercialisation and strategy. He is a member of both the Medicines Australia (MA) Advisory Council, and the Industry, Science and Resources R&D Incentives Committee. He is also a former Board member of AusBiotech. In appointing Mr Duchini, QBiotics undertook an extensive search with an external global recruitment company. The entire QBiotics Board unanimously supported his appointment. Mr Duchini is Chair of QBiotics’ Audit and Risk Management Committee and shareholders have benefited significantly within a short period of time from his skillset, particularly in the areas of finance, audit and governance.
As outlined in the Notice of Meeting, and given the nature of this Resolution, the Directors make no recommendation as to how shareholders should vote on Resolution 4.
Shareholders are encouraged to refer to the Company’s official disclosures and materials when forming their views on recent developments.
—ends—
FURTHER INFORMATION
STEPHEN DOYLE, CEO & MANAGING DIRECTOR
communications@qbiotics.com
or
MEDIA ENQUIRIES
KIRSTEN BRUCE, PRINCIPAL, VIVA! COMMUNICATIONS
kirstenbruce@vivacommunications.com.au or +61 401 717 566
NOTES FOR EDITORS
ABOUT QBIOTICS
QBiotics is an unlisted, public, Australian life sciences company that seamlessly connects scientific discovery, development and commercialisation to harness the power of nature to treat diseases of high unmet need.
Our current clinical focus is on novel treatments for cancer and debilitating chronic wounds. We also have an early-stage antibiotics program.
QBiotics’ lead molecule, tigilanol tiglate, is a novel, small molecule with the potential to treat a broad range of solid tumours. It is currently in Phase II clinical trials in two indications: soft tissue sarcoma (STS) and head and neck cancer (HNC). Tigilanol tiglate was granted Orphan Drug Designation by the US FDA for the treatment of STS in February 2024.
A veterinary formulation of tigilanol tiglate (STELFONTA®) is approved for the treatment of canine mast cell tumours (MCTs), in major global markets, including the USA, Europe, and Australia. QBiotics has partnered with Virbac, a global animal health company, to distribute STELFONTA®.
Our wound healing drug candidate, EBC-1013, is a small molecule, which targets multiple pathways to accelerate healing, improving outcomes in chronic and acute wounds and burns. A first-in-human Phase I clinical trial in venous leg ulcers is open for recruitment.
For more, head to: QBiotics.com or LinkedIn