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Ceretas Limited (ASX:CTS), a newly established medical device company, has completed its inaugural financial reporting period from 21 October 2024 to 30 June 2025, led by a board of seasoned life sciences executives and university-affiliated researchers. Originating as a spin-out from The University of Queensland's ultrasound research program and the Queensland Brain Institute, Ceretas is advancing non-invasive therapeutic ultrasound technology toward commercialisation. The announcement details the company's leadership framework and the appointment of senior executives experienced in scaling medtech ventures and managing regulatory pathways.
Key Highlights
- Ceretas Limited (ASX:CTS) commenced operations on 21 October 2024 as a newly incorporated medical device firm.
- The company was spun out from The University of Queensland's ultrasound research program, formerly led by CEO Dr Rachel de las Heras.
- The board features Dr Anthony Keating, who guided ResApp Health from startup to its $180 million acquisition by Pfizer in 2022.
- Non-Executive Chairperson John Keep brings extensive healthcare sector experience and currently chairs EMVision Medical Devices Ltd (ASX:EMV).
- The firm focuses on non-invasive therapeutic ultrasound technology for both clinical and preclinical applications.
- Investors should closely watch the company’s regulatory progress and commercial milestones as it transitions technology from academia to market.
Origins and Focus of Ceretas Limited’s Ultrasound Technology
Incorporated on 21 October 2024, Ceretas Limited is a medical device company built on research foundations from The University of Queensland. Its core technology centers on non-invasive therapeutic ultrasound, with applications spanning clinical and preclinical settings. Developed within the university's ultrasound program and the Queensland Brain Institute, Ceretas bridges academic research and commercial development.
The spin-out approach aligns with a growing trend in Australian life sciences, where university-developed technologies are launched as independent companies to accelerate commercialisation and attract capital. Ceretas aims to move therapeutic ultrasound from research to patient use, a process that involves navigating complex regulatory frameworks and generating clinical evidence. The company's leadership, outlined in its financial report, combines technical expertise with commercial experience.
Dr Rachel de las Heras Named CEO Bringing Over Two Decades of Medtech Expertise
Appointed CEO and Managing Director on 11 March 2025, Dr Rachel de las Heras brings more than 20 years of life sciences product development and commercialisation experience. She previously led The University of Queensland's ultrasound program and the Queensland Brain Institute’s clinical and preclinical research in non-invasive therapeutic ultrasound. Her leadership ensures continuity from academic research to commercial goals, maintaining scientific credibility while driving market readiness.
Dr de las Heras also has commercial development experience, having served as Head of Commercial Development at AnteoTech (ASX:ADO), where she advanced technologies from concept to market. She holds a PhD in Molecular Biology from Griffith University, blending research credentials with commercialisation expertise. Her appointment highlights Ceretas’ focus on technical depth and market execution.
Dr Anthony Keating Joins Board with Proven Pfizer Acquisition Success
Dr Anthony Keating was appointed Executive Director on 20 December 2024, bringing a strong record in scaling medtech companies. As co-founder of ResApp Health (ASX:RAP), he led the company through to its $180 million acquisition by Pfizer in 2022, demonstrating expertise in regulatory navigation, clinical validation, and successful exit execution. His experience aligns closely with Ceretas’ development and regulatory needs.
Dr Keating also served as Director of Commercial Engagement at UniQuest, a leading Australian university commercialisation organisation. Holding a PhD in Mechanical Engineering from The University of Queensland and an Executive Certificate in Management and Leadership from MIT Sloan, he was a director of TrivarX Ltd (ASX:TRI) and NeuroScientific Biopharmaceuticals Limited (ASX:NSB) between December 2023 and June 2025. His appointment underscores Ceretas’ commitment to seasoned medtech commercialisation expertise.
John Keep Appointed Non-Executive Chairperson with Extensive Healthcare Leadership
John Keep became Non-Executive Chairperson on 22 November 2024, bringing broad public company board and senior management experience in healthcare. Former CEO of QLD Diagnostic Imaging, he led the company to become a leading Queensland diagnostic imaging group before a successful trade sale, showcasing his ability to build and exit healthcare businesses.
Keep currently chairs EMVision Medical Devices Ltd (ASX:EMV), remaining actively engaged in the Australian medtech sector. His role at Ceretas provides governance expertise, regulatory insight, and capital markets experience essential for a newly listed public company. His background in diagnostic imaging and medtech supports strategic guidance as Ceretas advances its ultrasound technology.
Sam Wetzler Brings Financial Services and Capital Markets Expertise
Appointed Non-Executive Director on 21 October 2024, Ceretas’ incorporation date, Sam Wetzler contributes over a decade of investment management and capital markets experience. He founded Macleay Financial, a finance and lending advisory firm, and Divvy Now, Australia’s first platform allowing ASX-listed shareholders to access dividends ahead of payment dates. This expertise aids Ceretas in capital structure, investor relations, and financial strategy during commercialisation.
Wetzler is Head of Sequoia Asset Management within ASX-listed Sequoia Financial Group Limited (ASX:SEQ), with extensive experience in capital raising and financial product distribution. His board role supports Ceretas’ anticipated capital needs and investor engagement as it progresses toward revenue generation from therapeutic ultrasound technology.
Dr Stuart Crozier Adds Medical Imaging Innovation and Patent Expertise
Joining as Non-Executive Director on 20 February 2026, Dr Stuart Crozier brings significant academic and innovation credentials in medical imaging and biomedical engineering. Former Director of Biomedical Engineering and Associate Dean (Research) at The University of Queensland’s EAIT faculty, he also serves part-time as Chief Scientific Officer at EMVision Medical Devices Ltd (ASX:EMV). Dr Crozier is an ATSE Fellow, Fellow of The Institute of Physics (UK), and Senior Fellow of ISMRM, reflecting international recognition.
He holds inventorship on over 30 granted patent families, with technologies licensed by GE and Siemens for MRI systems globally. Awarded the ATSE Clunies Ross Medal in 2012 for impactful research, his appointment connects Ceretas to university innovation infrastructure and deep technical expertise relevant to ultrasound technology development and regulatory strategy.
Company Secretary Nicki Farley Ensures Robust Corporate Governance
Ms Nicki Farley was appointed Company Secretary on 1 December 2025, bringing 20+ years of experience in corporate transactions, capital raisings, ASX compliance, governance, and company secretarial services. She has supported numerous ASX-listed companies across resources, digital health, technology, and medical devices, advising on Corporations Act and Listing Rules compliance. Her appointment reflects Ceretas’ commitment to high corporate governance standards as a newly listed entity.
Farley holds a Bachelor of Laws and Bachelor of Arts from the University of Western Australia and is a Graduate of the Australian Institute of Company Directors. Her diverse sector experience equips her to guide Ceretas through medical device regulations and ASX disclosure obligations effectively.
Financial Reporting and Incorporation Timeline
The financial report spans Ceretas’ first nine months, from incorporation on 21 October 2024 through 30 June 2025. The company’s formal establishment followed its spin-out from The University of Queensland’s research operations. Board appointments were phased: initial Non-Executive Directors on incorporation date, Chairperson on 22 November 2024, Executive Director on 20 December 2024, CEO on 11 March 2025, and final Non-Executive Director on 20 February 2026. This staged governance build aligns with operational milestones and regulatory or capital-raising requirements.
Advancing Therapeutic Ultrasound Technology Toward Clinical Use
Ceretas’ primary technology platform is non-invasive therapeutic ultrasound, with applications in various clinical settings. Originating from The University of Queensland’s ultrasound program and Queensland Brain Institute, the technology has been developed within clinical and preclinical research frameworks. Therapeutic ultrasound offers a promising alternative to invasive or pharmacological treatments, although specific clinical targets remain undisclosed in the financial report.
Transitioning from research to commercial entity requires clinical evidence generation, regulatory approvals, and manufacturing and distribution development. The company’s leadership, including Dr Keating’s experience with ResApp Health’s Pfizer acquisition, indicates preparedness for these development stages. Continued collaboration with The University of Queensland’s research infrastructure is likely, consistent with university spin-out models.
Board Expertise Tailored to Medical Device Commercialisation Challenges
Ceretas’ board composition reflects targeted expertise for medical device commercialisation. Dr Keating’s leadership in regulatory approvals, clinical validation, and acquisition negotiations complements John Keep’s experience in healthcare business growth and trade sales. Dr de las Heras bridges academic innovation and commercial development, while Dr Crozier provides deep technical knowledge in medical imaging and patent strategy. Sam Wetzler’s capital markets proficiency supports funding and investor relations. Together, the board addresses regulatory navigation, clinical evidence, manufacturing scale-up, capital access, and market entry challenges.
Leadership Appointments Highlight Australian Medtech Ecosystem Integration
The appointments mirror trends in the Australian medtech sector, where executives from successful exits and public companies join emerging ventures’ boards. Several members hold concurrent roles at ASX-listed firms: John Keep chairs EMVision Medical Devices (ASX:EMV), Dr Keating directs TrivarX Ltd (ASX:TRI), Dr Crozier serves as Chief Scientific Officer at EMVision (ASX:EMV), and Sam Wetzler leads Sequoia Asset Management at Sequoia Financial Group (ASX:SEQ). This engagement reflects their active participation in Australia’s public company landscape and strategic alignment with Ceretas.
The board’s concentration of expertise in therapeutic technologies and medical imaging, especially ultrasound and biomedical engineering, demonstrates a deliberate strategy to tackle technical, commercial, and regulatory challenges inherent in advancing therapeutic ultrasound from research to clinical application. The academic links to The University of Queensland and Queensland Brain Institute embed Ceretas within a strong innovation ecosystem, while commercial experience across the board facilitates market access and capital acquisition. This governance model exemplifies successful Australian university spin-outs transitioning to commercial operations.
