The CEO of Avingtrans PLC has been appointed non-executive chair of Adaptix Imaging.
The Oxford-based 3D X-ray imaging technology company, which appeared on our MedTech 50 ranking this year, said Steve McQuillan will remain as chairman until it appoints a replacement experienced MedTech chair.
This is likely to occur sometime in 2023.
Avingtrans – which designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide – is investing a further £2 million in Adaptix by means of a convertible loan note.
In 2021, Avingtrans invested £4m in Adaptix for an 11.9% stake in the business.
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According to Avingtrans, the key objective for McQuillan and his replacement will be to lead Adaptix to a successful exit, currently planned for 2024.
“It is intended that the additional funding will be used to take Adaptix up to the point of… approval from the FDA for its orthopaedic 3D X-ray product, with marketing and subsequent product sales in the USA expected to commence thereafter,” it said.
“Adaptix has already placed trial units of its veterinary product in the USA and will commence sales in 2023.”