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RNS Number : 9183L
RUA Life Sciences PLC
18 January 2021
18 January 2021
RUA Life Sciences Plc
("RUA Life Sciences", the "Company" or the "Group")
Directorate Changes
RUA Life Sciences, 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(TM) ),
is pleased to announce the appointments, with immediate effect, to
the Board of Dr Caroline Stretton, Group Chief Operating Officer of
the Company, and Ian Ardill as a Non-Executive Director and Chair
of the Audit Committee.
Dr Caroline Stretton who was appointed as Group Chief Operating
Officer on 1 April 2020, following the Company's acquisition of RUA
Medical Devices Limited ("RUA Medical"), joined RUA Medical in 2018
from prosthetic hand manufacturer, Touch Bionics Limited, where,
prior to its sale in 2016 to Icelandic orthotic and prosthetic
manufacturer Ossur, she was a key member of the leadership team
responsible for Global Manufacturing, Operations, Quality and
Customer Support. Previously, Caroline had been employed by a
number of medical device and pharmaceutical companies in a variety
of roles, most notably Ivax Pharmaceuticals (now Teva
Pharmaceuticals), Ocutec Limited and Mpathy Medical Devices
Limited, a surgical medical device company which achieved a
multi-million pound exit to Danish surgical medical device
manufacturer, Coloplast, in 2010. Caroline is a graduate of, and
holds a PhD in, Pure and Applied Chemistry from, the University of
Strathclyde.
Ian Ardill has over 25 years' experience in senior financial
positions , with the majority of that time being spent in medical
devices and pharmaceuticals. He is currently Managing Director of
Causeway Finance Associates Limited, a CFO and accountancy
consultancy focussed in Life Sciences, which he founded in 2017.
Previously, he was Chief Financial Officer of Diurnal Limited,
which he joined in April 2015 ahead of the company's successful IPO
on AIM in December 2015. Prior to that, Ian was Chief Financial
Officer of two other listed companies. With Lombard Medical
Technologies plc, from 2012 to 2015, he led the company financially
through the late stages of FDA pre-market approval and the
commencement of US commercial operations. On the financing front,
he managed a GBP22 million fundraising on AIM and the company's IPO
on NASDAQ raising $55 million. With Biocompatibles International
plc, from 2003 to 2011, he played a leading role in transforming
the company from a loss-making to a profitable enterprise with
sales of GBP33 million. He also managed the company's sale to BTG
Plc in 2011 for GBP177 million and two returns of capital to
shareholders totalling GBP23 million. Ian is a graduate of Warwick
University and qualified as a chartered accountant with Grant
Thornton.
Bill Brown, Chairman of the Company, commented: "I am very
pleased to welcome Caroline and Ian to the RUA Life Sciences Board.
They bring with them significant and diverse experience and will be
valuable additions to the Board."
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0) 77 3071 8296
David Richmond, CEO Tel: +44 (0) 78 9999 6400
Shore Capital (Nominated Adviser and Joint Broker)
Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080
Cenkos Securities plc (Joint Broker) Tel: +44 (0) 20 7397 8900
Russell Cook/Max Gould (Corporate Finance)
Michael Johnson (Sales)
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA
Life Sciences Plc (formerly known as AorTech International Plc)
acquired RUA Medical Devices Limited to create a fully formed
medical device business. RUA Life Sciences is the holding company
of the Group's four trading businesses, each exploiting the Group's
patented polymer technology.
Our vision is to improve the lives of millions of patients by
improving and enabling medical devices with Elast-Eon(TM) , the
world's leading long-term implantable polyurethane.
Whether it is licensing Elast-Eon(TM) , manufacturing a device
or component or developing next generation medical devices, a RUA
Life Sciences business is pursuing our vision.
Elast-Eon(TM)'s biostability is comparable to silicone while
exhibiting excellent mechanical, blood contacting and flex-fatigue
properties. These polymers can be processed using conventional
thermoplastic extrusion and moulding techniques. With over 7
million implants and over 14 years of successful clinical use,
RUA's polymers are proven in long-term life enabling
applications.
The Group's four business units are:
RUA Medical : End-to-end contract developer and manufacturer
of medical devices and implantable fabric specialist.
RUA Biomaterials Licensor of Elast-Eon(TM) polymers to the medical
: device industry.
RUA Vascular: Commercialisation of large bore polymer sealed
grafts and soft tissue patches.
RUA Structural Development of polymeric leaflet systems for
Heart : heart valves.
Appendix - AIM Rule 17
Dr Caroline Stretton
Save for the information set out above and below, there are no
further disclosures to be made in accordance with Rule 17, Schedule
Two (g) of the AIM Rules for Companies in respect of the
appointment of Dr Caroline Stretton (nee Dunn), aged 50, who does
not hold an interest in the Company's share capital.
Current Directorships
RUA Medical Devices Limited
Past Directorships
Caztek Consulting Limited
Ian Ardill
Save for the information set out above and below, there are no
further disclosures to be made in accordance with Rule 17, Schedule
Two (g) of the AIM Rules for Companies in respect of the
appointment of Ian Leslie Ardill, aged 53, who does not hold an
interest in the Company's share capital.
Current Directorships
Causeway Finance Associates Limited
Past Directorships
Diurnal Group Plc
Diurnal Limited
Ian Ardill was a director of Biocompatibles International plc,
between October 2004 and March 2011 and of a subsidiary company,
Biocompatibles Inc. from July 2008 to February 2011. In November
2016, the US Department of Justice announced that Biocompatibles
Inc. had pleaded guilty to misbranding its product, LC Bead, in
violation of the Food, Drug and Cosmetic Act and agreed to pay
approximately US$36.0 million to resolve this and False Claim Act
allegations. Ian Ardill was neither named, fined nor faced public
criticism in relation to this matter.
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