Ellex Medical Lasers Limited (ASX: ELX), who is the world leader in medical technologies for the diagnosis and treatment of the eye ailments, has announced the appointment of Mr. Gerard (Ged) Wallace as the Chief Executive Officer (CEO) of the Company effective 8 April 2019. This position was earlier held by Mr. Tom Spurling, who resigned on 5 April and will now be contributing to the company as a consultant as part of the 2RT® market development team.
Mr Gerard Wallace holds significant senior executive medical device experience across the APAC, Europe as well as the Middle East region. Earlier, at the Boston Scientific (NYSE: BSX), he was the President of Europe, Middle East and Africa. Boston Scientific generated revenue worth US$1.7 billion. He was also the former President of Asia/China at Baxter International (NYSE: BAX) where he was responsible for ~ 2,000 staffs, and under his leadership, the Baxter International generated annual revenue of US$270 million. He was also associated with CathRX Limited, where he worked as the President, Commercialization. At present, he is the Non-Executive Director at Cipher Surgical Limited.
Mr. Gerard Wallace is a specialist in developing as well as managing multi-national organizations through his comprehensive experience in strategy development, direct operations, joint venture partnerships and acquisitions. Mr Victor Previn, who is the Chairman of Ellex highlighted that the operations of Ellex continue to expand. In such a situation, the direct commercial expertise of Mr Wallace in building the strong global organization will be adding significant value to the company when it launches new products and during the entry into the new market.
In the March quarter, the company experienced strong growth across all the business. During the period, there was a strong performance from iTrack®.
The announcement also covered the material terms of the employment agreement of Mr Wallace. His base salary will be A$320,000 per annum, that excludes statutory superannuation contributions required under Australian Law. He will also be eligible for discretionary performance based on short term incentive to a maximum of 40% of the base salary. Basis long term incentive plan from 1 July 2020, he would be eligible to participate in the Employee Incentive Plan of the company which depends on the meeting all Plan Rules and Conditions of 3.2 million options vested over four years.
On 5 April 2019, the securities of the company were under the trading halt in relation to the leadership change. Post the announcement of the CEO, Mr Gerard Wallace, trading on ASX commenced.
On 12 March 2019, the company announced the results of the clinical trial of Laser in Glaucoma and Ocular HyperTension which demonstrated that selective laser trabeculoplasty is safe to use as well as effective as a first-line treatment for ocular hypertension as well as open-angle glaucoma.
On 22 February 2019, ELX declared its half yearly results on ASX for the period ended 31 December 2018.
In the previous six months, the shares of ELX has given a negative return of 10%. However, in the last one month, the stock has given a positive return of 8.62%. By the end of the trading session on 8 April 2019, the closing price of the shares of ELX was A$0.630, up by 3.279% as compared to its previous closing price. Today, 9 April, the stock is trading flat at A$0.630 (as at 12:05 PM AEST). ELX has a market capitalization of ~A$90.47 million and approximately 143.6 million outstanding shares.
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