Terence Walsh has resigned as a non-executive director at Australian fabric biotech firm Nanollose, effective immediately.
Executive chairman Dr Wayne Best said Walsh has been a valued colleague over the last seven years.
“We thank him for his service during that time and wish him well for his future endeavours,” Dr Best said.
Nanollose is currently in the process of developing alternatives to leather based on microbial cellulose. This includes the development of plastic-free vegan leather material.
In January this year, the company received an order for $36,000 for a custom-made, laboratory-scale batch of material.
Nanollose is also undertaking its third pilot spin with Birla Cellulose for Nullarbor fibre technology, following the success of its second pilot spin.
Executive chairman Dr Wayne Best said its second pilot has significantly advanced the company's development and understanding of the Nullarbor fibre technology.
He said Nanollose is looking forward to gaining additional feedback from industry counterparts, including those within the fashion industry, on the second pilot, prior to the commencement of the third spin earlier this year.
For the first quarter of FY24, Nanollose spent $182,000 on research and development, with other costs including $33,000 for advertising and marketing, $23,000 for staff costs and $91,000 in administration costs.
The company accrued $16,000 from investments, with its total cash on hand at $233,000, down from $544,000 at the beginning of the quarter.