RNS Number : 0709I
RUA Life Sciences PLC
10 August 2021
RUA Life Sciences plc
("RUA Life Sciences", the "Company" or the "Group")
Withdrawal of Annual General Meeting (AGM) Resolution
RUA 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(TM) ), announces the following board changes and plans
for further senior management recruitment.
David Richmond, the founder of RUA Medical Devices Limited ("RUA
Medical"), which was acquired by the Group on 1 April 2020, who has
been Group CEO since the acquisition of RUA Medical, has decided to
retire from business activities and, as such, will no longer be
offering himself for re-election at the Company's forthcoming
Annual General Meeting ("AGM") to be held on 31 August 2021 and
will retire and resign as a director and employee of the Company at
the conclusion of the AGM.
David's technical knowledge and product innovation expertise
will remain available to the Group as he will provide consultancy
services to the Group and the Research and Development team in
The Company is pleased to announce that Dr Caroline Stretton,
currently Executive Director and Group Chief Operating Officer,
will assume the role of Group Managing Director on David's
retirement with effect from the conclusion of the AGM.
Caroline was recruited in March 2018 by RUA Medical as Chief
Executive Officer to strengthen and professionalise its senior
management team to meet the needs of a growing medical technology
business. Caroline was appointed to the Board of RUA Life Sciences
in January 2021.
In addition, Matthew Litton who has been involved with the RUA
Medical business since its formation in 2004 will be promoted from
Chief Technical Officer of RUA Medical to a new group role of
Director - Research and Development. This is a newly created
non-Board role and Matthew will report to Dr Caroline Stretton.
Matthew has an extensive engineering background covering both
electronic and mechanical fields from a medical textiles-based
career spanning over 25 years. Matthew has developed a number of
medical devices actively sold on the global market, and currently
leads RUA Medical's team of R&D engineers of various skill
bases in new product development.
RUA Life Sciences intends to further strengthen its senior
management team by recruiting for a newly created role of Head of
Clinical and Regulatory Affairs together with a Chief Financial
Officer/Finance Director, for which search processes are currently
being undertaken and details of the successful candidates will be
announced in due course.
In light of Mr Richmond's decision to retire and resign from the
Company's board of directors (the "Board") on 31 August 2021, which
is the date of the AGM, the Board confirms that the resolution to
re-elect Mr Richmond as a Director of the Company as referred to in
the Notice of AGM (resolution number 5), is now withdrawn. The
withdrawal of resolution number 5 does not otherwise affect the
validity of the Notice of AGM, the proxy form or any proxy votes
already submitted on other proposed resolutions. The numbering of
all other proposed resolutions at the AGM will remain
David Richmond, founder of RUA Medical Devices , commented: "In
2018, when Caroline Stretton was recruited by RUA Medical, my focus
became developing a long-term growth strategy for RUA Medical.
Since then, RUA Medical has become the engine room of the Group and
I have successfully overseen the development of the Elast-Eon (TM)
coating technology that has become the core enabling technology for
many Group products. The Group is in great shape and has a very
exciting future ahead of it but the time is now right for me to
step down from the responsibilities of running a public company in
the knowledge that I leave it in very capable hands."
Bill Brown, Chairman of RUA Life Sciences, commented: "The
transition from an entrepreneur-led private company to a public
enterprise is not always a smooth process. David has navigated RUA
Medical through this transition admirably and his foresight in
succession planning has enabled him to retire from business
activities seamlessly. I would like to thank David for his enormous
contribution to RUA Life Sciences and look forward to continuing to
benefit from his wisdom through the ongoing consultancy."
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0)1294 317073
David Richmond, CEO Tel: +44 (0)1294 317073
Shore Capital (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7408 4080
Tom Griffiths/David Coaten
Cenkos Securities plc (Joint Broker) Tel: +44 (0)20 7397 8900
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
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 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: Development of large bore polymer sealed grafts
and soft tissue patches.
RUA Structural Development of tri leaflet polymeric heart valves.
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(END) Dow Jones Newswires
August 10, 2021 08:00 ET (12:00 GMT)
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