Cochlear Limited’s shares are surging higher since the appointment of new Director on Board.
Earlier this week, Cochlear Limited (ASX: COH) announced that Abbas Hussain will join as the Director to the Cochlear Board on 1st December 2018.
Currently, Mr. Hussain is serving as a Non-Executive Director of CSL Limited and Immunocore Limited. On education front, Mr. Hussain holds the BSc Honours degree in Medicinal Chemistry and Pharmacology and a Graduate Diploma of Industrial Studies from Loughborough Institute of Technology, 1988.
With over 30 years of experience in the pharmaceuticals company, Mr. Hussain has held senior executive levels roles in several companies including Global President, Pharmaceuticals at GlaxoSmithKline (GSK).
In the welcome address, Cochlear Chairman Mr. Rick Holliday-Smith stated Abbas Hussain is well-equipped to provide valuable strategic insight and has demonstrated strong values in customer focus which is intrinsic to Cochlear’s strategic platforms. He added Mr. Hussain’s career has been spent at the forefront of emerging markets including China and India, that represent key emerging markets for Cochlear.
Implantable hearing solutions provider Cochlear Limited recently announced the investment of A$21 million in a medical device company, Nyxoah.
Headquartered in Belgium, Nyxoah focuses on building innovative therapies based on neuro stimulation for the patients going through Obstructive Sleep Apnea (OSA).
Jan Janssen, Chief Technology Officer of Cochlear stated that Cochlear is constantly looking for novel technologies and implantable devices emerging into the medical market so that the company could leverage its core business. Mr. Janssen added that minimally invasive solutions offered by Nyxoah puts forward an attractive substitute for patients who find intolerance issues in currently underlying therapies.
Further, in early November, Cochlear and intelligent audio solutions provider GN Hearing inked a new agreement for the expansion of their ongoing Smart Hearing Alliance.
The alliance was established two years back in 2015 under which “best-in-class” hearing solutions are developed, providing access to seamless connectivity and wireless technology with cochlear implant in one ear, and a GN hearing aid in the other.
On the day of Mr. Hussain’s appointment news, i.e. 20 November 2018, Cochlear shares rebounded 1.737% and since then it has been trading at higher levels. Today, on 22 November 2018, Cochlear share price jumped by 2.846% or $4.630 to close at $167.290. The stock last traded at a PE of 38.070 x with market capitalization of $9.39 billion.
But over the past one year, COH stock has witnessed a negative performance change of 10.37% which has increased to 21.61% over the past three-months.
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