TruSpine Technologies PLC Loan, Related Party Transaction and FDA Update (7230Y)

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RNS Number : 7230Y

TruSpine Technologies PLC

05 January 2024

5 January 2024

TruSpine Technologies plc

("TruSpine" or the "Company")

Loan, Related Party Transaction and FDA Update

TruSpine Technologies Plc, the medical device company focused on the spinal (vertebral) stabilisation market, announces that it has entered into a GBP30,000 loan agreement with Annabel Schild (the "Loan Agreement"), a former Non-Executive Director of the Company within 12 months of the Loan Agreement being entered into and therefore is considered a related party pursuant to the AQSE Growth Market Access Rulebook. The Company also provides an update on its U.S. Food and Drug Administration ("FDA") process in relation to its FDA 510(k) application for its Cervi-LOK product.

Loan Agreement

Pursuant to the Loan Agreement, the Company has received GBP30,000 ("Funding Loan") which will be utilised to repay a portion of the outstanding AQSE fine announced on 17 August 2023 and to progress the due diligence on the proposed directors Victoria Sena and Samuel Ogunsalu, as announced on 18 September 2023.

The Funding Loan is unsecured, bears no interest and is repayable by the Company by 31 January 2024.

Related Party Transaction

Annabel Schild is considered a "Related Party" as defined under the AQSE Growth Market Access Rulebook as a result of being a director of TruSpine within 12 months of the Loan Agreement being entered into. The Loan Agreement therefore constitutes a related party transaction for the purposes of Rule 4.6 of the AQSE Growth Market Access Rulebook.

The directors of TruSpine confirm that, having exercised reasonable care, skill and diligence, the related party transaction is fair and reasonable insofar as the shareholders of TruSpine are concerned.

FDA Update

Further to the announcement on 30 October 2023, the Company has received communication from the FDA in relation to its FDA 510(k) application for Cervi-LOK. The FDA is seeking further clarification on certain matters as part of the substantive review stage, which the Board believe they can provide in the near future.

The Company has limited working capital resources and continues to carefully manage its cash position.

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 identi ed 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 re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

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January 05, 2024 02:00 ET (07:00 GMT)