Regenerative medicine company Regeneus (ASX:RGS) has appointed Greencross (ASX:GXL) founding managing director Dr Glen Richards as an independent non-executive director of the company from April.
Over 20 years, he built Greencross into the country’s largest veterinary healthcare group with 125 veterinary practices and 196 vet specialty stores in Australia and New Zealand.
He remains a non-executive director of Greencross.Over the past five years, the share price of Greencross has increased by around 12 times.
Greencross reported a 43% increase in first-half FY2015 revenue to $307.5 million while EBITDA was up 62% to $41.6 million.
Its acquisition pipeline remains robust and is in line to add 25 stores to its network in financial 2015, with 21 stores opened already.
“I’m pleased to join the Board of Regeneus and look forward to making a contribution to the growth and success of the company,” Richards said.
“I believe that cell based regenerative medicine will play an important role in the future of veterinary and human healthcare and I look forward to Regeneus playing a leading role in bringing new and useful cell therapies to market”.
Chairman Dr Roger Aston said Richards has a rare combination of clinical and business experience gained from his leadership role in building Greencross into Australia’s leading veterinary healthcare group.
“His skills, experience and network make him a valuable and strategic addition to the Board particularly as we develop and commercialise our veterinary products for musculoskeletal disease and oncology conditions,” he added.
Regeneus reported a 46% increase in revenue for the half-year ended 31st December 2014 to $1.1 million and has $6.74 million in cash at the end of the period.
Activity Ahead
In the second-half of the financial year, the company will unlock the value of its product portfolio with the following activities:
- Partnering its clinical-stage veterinary products: Kvax, its autologous canine cancer vaccine that is in marketing trials in US and Australia; and CryoShot, its allogeneic off-the-shelf stem cell therapy for canine and equine osteoarthritis;
- Commencing its first in man trials for its human products: Progenza, its allogeneic off-the-shelf stem cell therapy for human osteoarthritis; and its autologous human cancer vaccine;
- Licensing HiQCell, its autologous stem cell therapy for human osteoarthritis; and
- Partnering its stem cell secretions cream for the treatment of acne and other inflammatory skin conditions.
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