TruSpine Technolgs. - Subscription and Corporate Update
RNS Number : 2174U
TruSpine Technologies PLC
01 April 2021
 

 

TruSpine Technologies plc

("TruSpine" 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 £585,500 through the subscription of 5,855,000 new ordinary shares ("Subscription Shares") at a price of £0.10 per share (the "Subscription Price") (the "Subscription") with a warrant for each Subscription Share subscribed for exercisable at £0.15 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 £165,000 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™ 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™, 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™ 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™ 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 Adviser)

Tel: +44 (0)20 7213 0880

Liam Murray / Ludovico Lazzaretti

 

 

 

WH Ireland (Broker)

Tel: +44 (0)20 7220 1666

Adam Pollock

 

 

 

Walbrook PR (Financial PR & IR)

Tel: +44 (0) 20 7933 7870 or +44 (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 identified 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 reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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