Business
Steve McQuillan appointed as Chairman of Adaptix
Steve McQuillan appointed as Chairman of Adaptix.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \n \n 14 December 2022\n \n \n Avingtrans Plc\n \n \n (\"Avingtrans\", the \"Company\", or the \"Group\")\n \n \n \n Steve McQuillan appointed as Chairman of Adaptix\n \n \n \n \n \n \n \n \n Avingtrans CEO, Steve McQuillan, has been appointed as the non-executive Chairman of emerging MedTech business, Adaptix, based in Oxford, UK. In parallel, Avingtrans is investing a further £2m in Adaptix, by means of a Convertible Loan Note. In 2021, Avingtrans invested £4m in Adaptix, for an 11.9% stake in the business, so this new investment represents a significant further endorsement of the Adaptix team and the plans for their disruptive 3D X-ray technology. It is intended that the additional funding will be used to take Adaptix up to the point of award of 510(k) approval from the FDA, for its Orthopaedic 3D X-ray product, with\n marketing and subsequent\n product sales in the USA expected to commence thereafter. Adaptix has already\n placed trial units of\n its Veterinary product in the USA and\n will commence sales in 2023.\n \n \n \n \n \n It is intended that\n Steve will remain as Chairman until Adaptix appoints a\n replacement\n experienced MedTech Chair,\n likely\n to occur\n sometime\n in 2023. The key objective\n for Steve and for the replacement\n Chair, will be to lead Adaptix to a successful exit, currently planned for 2024.\n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n \n \n \n Avingtrans plc\n \n \n \n \n \n \n 01354 692391\n \n \n \n \n \n \n \n Roger McDowell, Chairman\n \n \n Steve McQuillan, Chief Executive Officer\n \n \n Stephen King, Chief Financial Officer\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Singer Capital Markets (Nominated Adviser and Broker)\n \n \n \n \n \n \n 02074 963000\n \n \n \n \n \n \n \n Shaun Dobson/Alex Bond (Corporate Finance)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n IFC Advisory (Financial PR)\n \n \n \n \n \n \n 020 3934 6630\n \n \n \n \n \n \n \n Graham Herring\n \n \n Tim Metcalfe\n \n \n Zach Cohen\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n About Avingtrans plc: \n \n \n \n \n \n \n \n \n Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets...