Avingtrans plc (LON:AVG) announced today that 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 marketing and subsequent product sales in the USA expected to commence thereafter. Adaptix has already placed trial units of its Veterinary product in the USA and will commence sales in 2023.
It is intended that Steve will remain as Chairman until Adaptix appoints a replacement experienced MedTech Chair, likely to occur sometime in 2023. The key objective for Steve and for the replacement Chair, will be to lead Adaptix to a successful exit, currently planned for 2024.
