REX Bionics PLC, Auckland, New Zealand, has expanded its senior management team after completion of an initial public offering (IPO) that raised £10 million (gross, US $16.8 million as of August 6). The company also announced its interim financial results for the six months ended May 31.
Crispin Simon has been named to the role of CEO. He will formally join the board of directors in October 2014, at which point Jeremy Curnock Cook, the current CEO, will assume the role of deputy chairman. Tracey White has been named general manager of REX Bionics Ltd., and Michael Heath as the director of manufacturing; they will be based in Auckland. Richard Little, co-inventor of REX technology, joined the board of directors as chief technology officer. John Plimmer and Victoria Provis have been appointed as non-executive directors. Debra Leeves has been named vice president, international sales and marketing. She will be based at the company’s European headquarters in Thame, England.
The reported financial results for the period ending May 31 are as follows:
- Total comprehensive loss for the period is £1.246 million (May 31, 2013: £0.075 million)
- Period-end cash reserves is £8.777 million (May 31, 2013: £0.302 million)
The company announced that it will be changing its accounting reference date from November 30 to March 31 during the current accounting period by extending the current accounting period from 12 to 16 months and announcing a second set of interim results that cover the 12 month period to November 30, 2014. Those results will be announced in February 2015. Final results covering the 16-month period from December 1, 2013, to March 31, 2015, should be announced near the end of May 2015.
The funds raised by the IPO will be used to expedite the international build out of sales and manufacturing for the REX technology, according to a press release. The company has opened a new sales office in the United Kingdom and has begun targeting the rehabilitation market in the United Kingdom, Europe, Australia, and New Zealand. REX Bionics was purchased by Union MedTech, London, England, in October 2013, and its name was changed from Rex Bionics Ltd. after completion of the sale in May.
