TruSpine Technologies Plc, a MedTech company specializing in spinal stabilization, is facing leadership turmoil as CEO Laurence Strauss resigns under the weight of shareholder dissatisfaction. Strauss’s departure comes after an unsuccessful year plagued by supply chain issues, setbacks in securing FDA clearance for TruSpine’s Cervi-LOK system in the U.S., and a steep decline in the company’s share price. CFO Norman Lott remains in place despite similar investor critiques regarding the company’s financial trajectory. TruSpine managed to secure emergency funding earlier in the year, which included a share placing partly subscribed by incoming chairman Geoff Miller and an unsecured convertible loan note. Miller brings experience as co-founder of venture capital firm Afaafa Ltd. Shareholders like Robert Turner and Marcus Nicholls have publicly expressed their discontent with the current management, pointing to continuous market miscommunication and financial instability. Despite this unrest, the board survived a recent revolt aimed at upending the status quo, which saw Strauss, Lott, and non-executive directors Annabel Schild and Nik Patel maintain their positions. However, Schild resigned shortly thereafter, adding to the instability. For the fiscal year ending March 29, 2023, the pre-revenue company reported a loss before tax of 853,000 with an R&D tax credit reducing the loss after tax to 654,000.

Medical Devices, Healthcare Technology, Financial Services,United States, United Kingdom

CEO resigns at troubled plc TruSpine