Company Update

TruSpine Technologies PLC

27 November 2023

 

27 November 2023

TruSpine Technologies plc

("TruSpine" or the "Company")

Company Update

TruSpine Technologies plc (AQSE: TSP) the medical device company focused on the spinal (vertebral) stabilisation market, provides an update on its business and working capital position.

FDA Update

Further to the announcement on 30 October 2023, the Company continues to be in communication with the U.S. Food and Drug Administration ("FDA") on its 510(k) application for Cervi-LOK as the FDA continue to carry out the substantive review. The Company will update the market on further developments in due course.

Working Capital Position

As previously notified, the Company's working capital position remains weak given the lack of revenue generating operations, however the Company is prudently managing its limited working capital position. The Company is reviewing equity and debt financing options available to it and the Directors fully expect a successful resolution in securing adequate funding to meet the Company's working capital requirements in the near-term.

AGM Update

Further to the announcement on 31 May 2023, the Company intends to reconvene the 2022 Annual General Meeting as soon as practicable.

Proposed Director Appointments Update

Further to the announcement on 18 September 2023, the Company maintains its intention to appoint Victoria Sena and Samuel Ogunsalu, subject to standard regulatory due diligence and securing adequate funding to meet the Company's working capital requirements in the near-term.

US Seller Update

Further to the announcement of 28 April 2022, the Company continues to be in discussions to agree a new redistribution contract with Spartan Medical, Incorporated which the Company expects to sign in due course.

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.

Enquiries:

TruSpine Technologies Plc	Tel: [phone]
Laurence Strauss, Chief Executive Officer
Cairn Financial Advisers LLP (AQSE Corporate Adviser)	Tel: [phone]
Liam Murray / Ludovico Lazzaretti
Peterhouse Capital Limited (Broker & Financial Adviser)	Tel: [phone]
Lucy Williams / Duncan Vasey
Novus Communications (PR and IR)	Tel: [phone]
Alan Green / Jacqueline Briscoe	[e-mail]

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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