Adaptix appoints Willem Baralt as new Chairman

Avingtrans PLC (AIM: AVG) announces that further to the statement made on 14 December 2022, Adaptix, the Oxford based emerging MedTech Company, has appointed Willem Baralt as its new Chairman. Willem, previously of Quanta Dialysis Technologies, will succeed Steve McQuillan (CEO of Avingtrans), who was appointed to the Board of Adaptix in December 2022 in an interim capacity. Steve will continue as a Non-Executive Director of Adaptix.

In 2021, Avingtrans invested £4m in Adaptix, for an 11.9% stake in the business and in December 2022 announced a further investment of £2m by means of a Convertible Loan Note.

Steve McQuillan commented: “Delighted to have been able to find Willem and bring him into Adaptix ahead of schedule and so soon after the award of the 510(k) for the orthopaedic product. His MedTech and broad fund raising experience make him ideal to lead forward the strengthened Adaptix Board. We look forward to working with him, to maximise shareholder value.