RNS Number : 4857R
TruSpine Technologies PLC
07 June 2024
 

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.

 

 

 

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