Business
Board Changes, Issue of Options and PDMR Dealing
Board Changes, Issue of Options and PDMR Dealing.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n\n19 June 2024\n \nRUA Life Sciences Plc\n(\"RUA Life Sciences\", the \"Company\" or the \"Group\")\n \nAppointment of Non-Executive Chairman & Board Changes\nIssue of Share Options and PDMR Dealing\nA Restructured Board Focused on Delivery of Strategy\n \nRUA Life Sciences (AIM: RUA), the holding company of a group of medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-Eon™), today provides an update on the structure of the Board and the issue of Share Options to align and reward the Board upon delivery of strategy.\n \nBackground\nAt the end of November last year, a Strategy Update highlighted that the key objective of RUA was to reduce the timeframe and the funding necessary for the business to become cash generative. This was followed by the announcement of a successful equity issue and at the end of January with the departure of the Group Managing Director. It was stated at the time that consideration would be given to the appropriate longer term management structure and further announcements would be made in due course. Over recent months, it has become clear that a smaller, more agile executive team is allowing the business to focus on its three key objectives to achieve cash generation earlier, to grow and develop contract manufacture, to commercialise the heart valve leaflet material and to partner the remaining regulatory pathway for vascular grafts.\nManagement Structure\nAfter reviewing the management structure, it has been agreed that the role of Executive Chair will be replaced by the appointment of Geoff Berg, a current non-executive director as Non-Executive Chairman. Additionally, Bill Brown will assume a new role within RUA as Chief Executive working closely with Lachlan Smith who continues as Chief Financial Officer but assuming a wider role covering a number of additional operational areas.\nOver the past few years, in anticipation of concluding graft development in-house, a number of roles were created, and systems introduced to reflect the needs of a larger organisation. A process of streamlining the management structure has now concluded with the benefit of considerable cost savings together with much improved lines of communication.\n \nIssue of Share Options\nThe Company has granted options over 3,...