Admission to trading and first day of dealings
20 August 2020
Truspine Technologies plc, the medical device company focused in the spinal (vertebral) stabilisation market, announces that admission of its shares to trading on the Aquis Stock Exchange Growth Market ("AQSE") will take place and dealings will commence at 8.00 a.m. today, under the ticker TSP and ISIN number GB00BMZCKL55.
- Truspine is focused on the USD$10.2 billion per annum spinal (vertebral) stabilisation market.
- Successful subscription, conditional on admission, including high net worth investors raising gross proceeds of £1.4 million at a subscription price of 36 pence per share (“Subscription Price”).
- A further binding subscription commitment of £250,000 at 36 pence per share settling on 11 September 2020 bringing total fundraise of £1.65m.
- Initially developing three pioneering spinal stabilisation devices:
- GRASP Laminoplasty
- The proceeds will principally be used by the Company to:
- complete the FDA submission of Cervi-LOK™;
- develop the surgical approach and specialised instrumentation;
- provide product validation in the spinal market; and
- fund the Company through to the point it generates sales of Cervi-LOK™
- Truspine devices represent a potential quantum shift in spinal fixation, fusion and laminoplasty techniques.
- Following positive pre-submission feedback from the US Food and Drug Administration (“FDA”), Cervi-LOK™ is expected to complete FDA submission during Q4 2020 with commercial sales commencing in 2021.
- Truspine has a pipeline of additional products exploiting the anatomic preservation which does not implant any hardware into the bone.
- Highly experienced management team and advisory board with proven track record in medical device development and commercialisation.
- HMRC advanced assurance for EIS investment.
- £31.6 million market capitalisation on Admission at the Subscription Price.
Cairn Financial Advisers LLP is acting as the Aquis Stock Exchange Corporate Adviser with WH Ireland plc as broker.
Ian Roberts, CEO, commented: “We are very pleased with the level of interest generated from new investors in support of our admission to trading on AQSE. This IPO represents a landmark moment for Truspine and will enable our business to grow as we move towards achieving the necessary approvals for our unique suite of spinal (vertebral) stabilisation products. Our mission is to build a leading independent medical devices company that is at the forefront of reshaping the way clinicians approach spinal stabilisation and therefore alter and significantly improve how severe back pain is treated.
“The market for spinal stabilisation is estimated at $10.2 billion globally and we are well positioned to disrupt this with our product range. The Company’s strategy is complemented by a first-class management team with a background in medical device manufacture, sales, distribution and marketing in addition to market disruption and taking products from an idea to a successful commercialisation.”
Truspine Technologies Plc
Tel:+44 (0)20 3638 5025
Cairn Financial Advisers LLP (AQSE Corporate Adviser)
Tel: +44 (0)20 7213 0880
WH Ireland (Broker)
Tel: +44 (0)20 7220 1666
Walbrook PR (Financial PR & IR)
Tel: +44 (0) 20 7933 7870 or +44 (0) 7876 741 001 or
Board of Directors
Martin Armstrong, Non-executive Chairman
Mr. Armstrong is a senior partner of corporate and accountancy and corporate insolvency firm Turpin Barker Armstrong. Martin has significant experience in corporate and financial management, financial systems, accounting, audit and strategic planning, as well as turnaround and corporate insolvency.
Ian Roberts, Chief Executive Officer
Mr. Roberts has over 25 years’ experience in the medical technology and medical device industries, with more than half of this time spent in the orthopaedic industry covering marketing, sales manufacturing and distribution. Mr Roberts started his orthopaedic sales career with Stratec Synthes (AO) Limited, before joining Howmedica as Marketing Manager for the trauma and spine division. Following Stryker Orthopaedics’ (part of leading medical technology group Stryker Corporation) acquisition of Howmedica, Mr Roberts continued to develop the trauma and spine division in the UK and Europe for Stryker Orthopaedics. Following his time at Stryker, he became Country Manager for Hospira Inc (an American global medical device company) for the UK and Ireland, managing large manufacturing, sales and administration teams of approximately 250 employees. More recently, he has been advising investment funds on alternative investments with a focus on life sciences.
Norman Lott, Chief Financial Officer
Mr. Lott is an experienced CFO with significant public company experience, having held multiple roles with AIM companies quoted on the London Stock Exchange. He is a member of the Institute of Chartered Accountants in England and Wales having qualified in 1980 and aside from his experience as a CFO, he has also held positions in business management including that of deputy CEO. He has also been involved in several international corporate transactions, and has experience in the healthcare sector.
Dr Tim Evans, Non-executive Director
Dr. Evans qualified in 1979 from the Westminster Hospital Medical School, and runs a private, independent general practice in London. He specialises in women’s health, and also has an interest in functional and musculoskeletal medicine. Tim has a wealth of experience in his 40 year career, including setting up a specialist practice in the care of women and children, as well as a fully integrated practice in conventional, complementary and alternative healthcare. He has worked extensively in Africa and re-established primary health clinics in rural areas after ten years of civil war. In 2003, he was appointed to the position of Apothecary to HM the Queen and The Royal Households of London. In 2016 HM The Queen awarded him as a Lieutenant of the Royal Victorian Order (LVO) for his services.
Annabel Schild, Non-Executive Director
Ms. Schild is an entrepreneur, having invested in multiple companies in finance, technology and hospitality over the last 31 years. In addition to her wealth of investment experience, Annabel has also held directorships including non-executive roles in a range of industries including hospitality. Her father was the founder of Huntleigh Technology plc from 1985, the London-listed global healthcare business, which was sold to the Swedish medical equipment group Getinge AB for £409m in 2006. She is a founding shareholder and investor in ClearBank Ltd, the UK’s first new clearing bank in more than 250 years, providing open competition and transparency to the UK financial services marketplace.