Australian biotech Invion Limited has completed the spin-out of its respiratory assets into a new company, With the completion of the transaction, Invion Executive Director Dr. Mitchell Glass retires from his position on the Board of Invion. Dr. Glass becomes CEO and Managing Director of CAT and will lead the further development of nadolol and zafirlukast. Mr. Alan Yamashita joins the Invion Board. Mr. Yamashita has more than 40 years' experience in investment management, investment banking and alternative investment. Formerly Managing Director and Head of Asia Capital Markets at Merrill Lynch as well as a 16-year veteran of Goldman Sachs. Mr. Yamashita is currently Managing Partner at Polar Ventures.