TIDMTSP
RNS Number : 2174U
TruSpine Technologies PLC
01 April 2021
TruSpine Technologies plc
("T ruSpine" or the "Company")
Subscription and Corporate Update
Subscription
TruSpine Technologies plc, (AQSE: TSP) the medical device
company focused in the spinal (vertebral) stabilisation market,
announces that it has raised GBP585,500 through the subscription of
5,855,000 new ordinary shares ("Subscription Shares") at a price of
GBP0.10 per share (the "Subscription Price") (the "Subscription")
with a warrant for each Subscription Share subscribed for
exercisable at GBP0.15 per share (the "Warrant") for a period of
three years from the date of admission of the Subscription Shares
to trading on AQSE.
The Company has received indications for up to a further
GBP165,000 subscription funds - a further announcement will be made
in due course.
The net proceeds of the Subscription will be used to further
advance the Company through the FDA application process and
commercial launch of the Cervi-LOK(TM) during 2021.
Corporate Update
The Company accessed cadaver lab one month later than previously
expected due to ongoing Covid restrictions. The lab testing was
conducted on 19 March 2021 in Logan, Utah, at the Headquarters of
LincoTek, Inc., TruSpine's engineering Development Partner. The
primary objectives were to evaluate all aspects of the
Cervi-LOK(TM) , including ease of placement, strength of the
implant, the "user-friendliness," of the instrumentation, and other
facets of the system.
TruSpine's Technical Consultant & Inventor, Professor Frank
Boehm, said following the testing: "On the test we were impressed
at how easily the anchors could be positioned and hold on the
vertebrae. Once the system was positioned on the spine, we were
able to take a vice-grip and lift the cadaver off the table and
rock it without causing the system to fail, break, or damage the
bone."
Following the successful lab test, it is expected that a further
lab test will be conducted in April or May 2021 with additional
third-party surgeons for final refinement of the Cervi-LOK(TM)
device and instrumentation prior to lodgement of the FDA
application. While the FDA application will be later than
previously notified in the announcement of 24 December 2020, the
Company is still on track for the commercial launch of the
Cervi-LOK(TM) device during 2021.
Patent Application for GRASP
A patent application for the GRASP device was submitted on 4
March 2021 and was published by the United States Patent
Application office:
United States Patent Application 20210059655
Kind Code A1
Boehm, Jr.; Frank H. March 4, 2021
MINIMALLY INTRUSIVE CERVICOTHORACIC LAMINOPLASTY SYSTEM
Abstract
A special stabilizing anchor is disclosed which is secured to
the spinous process, in addition to anchors which are stabilized
against the lateral masses. These anchors couple with the spinous
process anchor and upon coupling, the connecting stabilizing
element is configured such that this element can be actuated,
elevating the spinolaminar arch and thus expanding the canal,
relieving the stenosis and completing the surgical procedure. A
unique aspect of this system is that the lateral mass anchors of
different levels can be secured to each other, stabilizing one or
more target motion segments. Augmenting this is a system for
identifying and extirpating the facet joints and replacing them
with graft material to encourage a posterior/facet fusion.
Admission of Subscription Shares
The Subscription is conditional on admission of the Subscription
Shares being admitted to trading to AQSE ("Admission"). Application
will be made for the 5,855,000 Subscription Shares to be admitted
to trading on AQSE.
It is expected that Admission will become effective and dealings
in the Subscription Shares will commence on or around 8 April
2021.
Total Voting Rights
Following Admission, the Company's issued share capital will
consist of 93,633,967 ordinary shares with voting rights. The new
ordinary shares will rank pari passu with the existing ordinary
shares. No ordinary shares are held in treasury at the date of this
announcement and therefore following the Admission, the total
number of Ordinary Shares in the Company with voting rights will be
93,633,967.
The above total voting rights figure may be used by shareholders
as the denominator for the calculation by which they will determine
if they are required to notify their interest in, or a change to
their interest in the Company.
Special note concerning the Market Abuse Regulation:
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement. Market
soundings, as defined in MAR, were taken in respect of the
Subscription, with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement. Therefore, those persons that
received inside information in a market sounding are no longer in
possession of inside information relating to the Company and its
securities.
Enquiries:
Truspine Technologies Plc Tel: +44 (0)20 3638 5025
Ian Roberts, CEO
Cairn Financial Advisers LLP (AQSE Corporate Tel: +44 (0)20 7213
Adviser) 0880
Liam Murray / Ludovico Lazzaretti
WH Ireland (Broker) Tel: +44 ( 0)20 7220 1666
Adam Pollock
Walbrook PR (Financial PR Tel: +44 (0) 20 7933 7870 or +44
& IR) (0) 7876 741 001
Anna Dunphy truspine@walbrookpr.com
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed 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 re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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END
NEXSDFFUFEFSEID
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April 01, 2021 02:00 ET (06:00 GMT)
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