With many biotechnology companies struggling to find investor support, the idea of banding together against the harsh elements -- merging or acquiring a like company -- is gaining currency. But there are many snares for the unwary, warns mergers and acquisitions specialist Nathan Drona.

Sydney's Ventracor (ASX:VCR) has announced the first European implant of its VentrAssist device as part of its CE Mark Trial.

Queensland Investment Corporation has ceased to be a substantial shareholder in Benitec (ASX:BLT), but millionaire Richard Pratt's Thorney Group has upped its holding in the company to 11.54 per cent.

Pete Smith has resigned as CEO of Amrad (ASX:AML), along with chairman Bob Moses as chairman, following a board meeting yesterday.

Melbourne venture capital company GBS Venture Partners has announced the close of its GBS BioVentures III Fund. The fund raised AUD$145 million, making it more than twice as large as GBS's previous funds, and well over its original target of $120 million.

Rumours have abounded in recent weeks that Queensland Investment Corporation- which over the last three years has emerged as the largest single investor in Australian biotechnology - is selling out of the sector, prompted by the funds' sale of its shareholding in biotechs Rockeby Biomed (ASX:RBT), Biodiem (ASX:BDM) and Bionomics (ASX:BNO), and reduction of its stake in Eiffel (ASX:EIF).

Christine Cussen has resigned from her role as chief executive of drug re-engineering company Eiffel (ASX:EIF), at a time when the company's share price has dipped below $0.04 - more than two thirds below its level in January of around $0.12.

A new Biomarker Discovery Laboratory was opened today at Australian Proteomics Analysis Facility (APAF) at Macquarie University, approximately ten years after scientists including Keith Williams and Marc Wilkins initiated the science now known as 'proteomics' on that very site.

New Proteome Systems chief executive Stephen Porges (ASX:PXL) believes the company is caught in the middle of a typical biotech transformation from its original focus as a tools business to a diagnostics and therapeutics business -- which is where its real future lies.

Keith Williams has stepped down from the helm of Proteome Systems (ASX:PXL), and the company has appointed strategic management specialist Stephen Porges as chief executive officer.

Having struck out in an attempt to broaden its shareholder base through a rights issue last month, Bresagen (ASX:BGN) will be asking shareholders to expand the range of investors who can subscribe to its back-up convertible note facility.