Steve McQuillan appointed as Chairman of Adaptix

RNS Number : 5971J

Avingtrans PLC

14 December 2022

 

14 December 2022

Avingtrans Plc

("Avingtrans", the "Company", or the "Group")

Steve McQuillan appointed as Chairman of Adaptix

Avingtrans 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.

Enquiries:

Avingtrans plc	01354 692391
Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
Singer Capital Markets (Nominated Adviser and Broker)	02074 963000
Shaun Dobson/Alex Bond (Corporate Finance)
IFC Advisory (Financial PR)	020 3934 6630
Graham Herring Tim Metcalfe Zach Cohen

About Avingtrans plc: 

Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide. 

Business units

Hayward Tyler - Luton & East Kilbride, UK and USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments. Energy Steel, Inc - Rochester Hills, Michigan, USA Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans plc, has been serving the nuclear power industry since 1982 with capabilities in equipment fabrication, material supply, precision machining, engineering, and repair services. Through strategic OEM partnerships, it also provides solutions for obsolete nuclear components and support for the most complex projects.  Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems. Booth Industries - Bolton, UK Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above Ormandy Group, Bradford, UK Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets. Magnetica Ltd - Brisbane, Australia Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units: Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.  Tecmag Inc, Houston, USA Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems.

 

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