7 June 2024
TruSpine Technologies plc
("TruSpine" or the
"Company")
AGM Statement & Change of
Website
TruSpine Technologies Plc, the
medical device company focused on the spinal (vertebral)
stabilisation market, is pleased to announce that at the Company's
2023 Annual General Meeting ("AGM") to be held later today,
Chairman Geoff Miller will make the following statement:
"In the three months since the
appointment of three new Directors, the Board restructuring and the
2022 AGM, I am pleased to be able to report that we have made
significant progress in refocussing the Company on delivering value
for its shareholders. Given that we are beginning to put historic
issues behind us, I believe our shareholders can now look forward
to the future of the business with greater confidence.
"With the departure of Laurence
Strauss, I have taken on a significant proportion of the former
CEO's responsibilities. The technical and commercial side of the
business is now being managed by Samuel Ogunsalu, and along with
the support of the Non-Executive Directors, led by Victoria Sena,
our Senior Independent Non-executive Director, we are building a
strategy to deliver for our shareholders.
"In order to achieve this, it will
be important to ensure that the entire Board have a deep technical
knowledge base from which to draw on. To this end, Samuel and I are
working on plans to re-launch the Medical Advisory Board of the
Company, and also introduce a Technical Advisory Board. We believe
these two elements will be essential to ensuring commercial
success, and we expect to make further announcements in this regard
in due course.
"I am also pleased to report that
the Company has re-established a good working relationship with
Frank Boehm, the inventor of the IP that underlies the TruSpine
offering. This will ensure our team can fully develop the medical
and technical side of the business, in order to progress the
business to eventual commercial success.
"To achieve success we will also
require regulatory approval. The Board have taken the decision that
the Company will no longer provide a running commentary on
regulatory discussions as we believe (a) they are not helpful to
the market, as they can often be mis-interpreted, and (b) they can
be viewed by regulators as trying to pre-empt any decision making
on their part. Nonetheless, the regulatory process is ongoing and
we will update the market without delay on any material
developments.
"As we seek the regulatory approvals
to take the company forward, I am also pleased to report that
advanced discussions are currently underway with several potential
commercial strategic partners. We will of course update the market
as and when anything is contractually agreed, but the Directors
believe that these potential partners are enthused by the
opportunities presented by TruSpine products in the spinal
stabilisation market.
"From a corporate perspective, we
are endeavouring to improve every aspect of work practice, while at
the same time ensuring we understand and learn from the past. Work
to improve the balance sheet is ongoing and signs that the
underlying funding environment is improving, albeit slowly, can
only help.
"One area we want to improve is
communication with shareholders. We have relaunched the investor
section of our website to offer shareholders a fully interactive
experience, and we welcome any questions or comments from
shareholders who register on the site. I would like to thank all
shareholders that have thus far reached out to the Company with
questions, thoughts and comments, and we look forward to a more
dynamic engagement with you all in future.
"I know that some shareholders were
hoping for an online and interactive AGM, but we believe that the
AGM should be about the consideration of resolutions by
shareholders. Our view is that shareholder questions should not
need to wait for an AGM, and our new interactive investor section
of the website will ensure such questions can be asked and answered
on an ongoing basis.
"In conclusion, I will not pretend
that this has been the easiest of three months thus far at
TruSpine, but my enthusiasm for the potential of the business is
greater than ever."
Change of website address
The Company's new website address
(which includes the information required by rule 4.14 of the AQSE
Growth Market Access Rulebook) is https://truspinetech.com/
Enquiries:
|
TruSpine Technologies Plc
|
Tel: +44 (0)20 7118 0852
|
|
Geoff Miller, Non-executive
Chairman
|
|
|
|
|
|
Cairn Financial Advisers LLP (AQSE Corporate
Adviser)
|
Tel: +44
(0)20 7213 0880
|
|
Liam Murray / Ludovico
Lazzaretti
|
|
|
Peterhouse Capital Limited (Broker & Financial
Adviser)
|
Tel: +44 (0)20 7469 0930
|
|
Lucy Williams / Duncan
Vasey
|
|
|
Novus Communications (PR and IR)
|
Tel: +44
(0)207 448 9839
|
|
Alan Green / Jacqueline
Briscoe
|
novuscomms@truspine.org
|
Caution regarding forward looking statements
Certain statements in this
announcement, are, or may be deemed to be, forward looking
statements. Forward looking statements are identified by their use
of terms and phrases such as ''believe'', ''could'', "should"
''envisage'', ''estimate'', ''intend'', ''may'', ''plan'',
''potentially'', "expect", ''will'' or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward-looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements reflect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
