Orthocell adds new director, eyes US growth
US-based independent non-executive director Dr Ravi Thadhani elevated to lead independent director
Former opposition leader and US ambassador Kim Beazley to step down from board for health reasons but will still advise on US and defence matters
Special Report:Perth-based regenerative medicine company Orthocell has made a strong addition to its board as it accelerates plans for US commercialisation, appointing highly experienced director Michael McNulty.
As Orthocell (ASX:OCC) accelerates plans for US commercialisation of its flagship nerve repair product Remplir following Food & Drug Administration (FDA) approval in April, McNulty joins as a non-executive director and chair of the audit committee from September.
The highly experienced exec brings deep governance and financial expertise to support Orthocell's global growth strategy.
He is a chartered accountant with extensive experience as a director across listed companies and not-for-profit organisations.
And he has served as managing partner of Deloitte's Perth office for more than a decade, and as a board member of both Deloitte Australia and the Deloitte Foundation.
McNulty has also held various executive roles, including on Deloitte's national consulting executive, as relationship partner for the WA health team, and as Asia Pacific energy and resources leader.
Orthocell said McNulty's expertise as a director and strategic consultant aligns strongly with its mission to expand the commercial roll-out of its innovative regenerative solutions and will play a key role in supporting the company's continued growth.
With the new appointment confirmed, the Orthocell board now comprises five directors including four Independent non-executive directors and one executive director.
In addition to McNulty's appointment, current US-based independent non-executive director Dr Ravi Thadhani has been elevated to lead independent director.
Thadhani will also lead a new committee focused on the US commercialisation of Remplir.
The board changes follow the recent appointment of senior executives including Jim Piper as chief financial officer, and Adam Wood to the newly created role of chief commercial officer.
The appointments are part of Orthocell's strategy to scale up international commercialisation of its product portfolio, particularly in the US.
Beazley's contributions invaluable
Chairman John Van Der Wielen said the board and executive team are deeply grateful for Beazley's contributions, which have helped guide Orthocell's global strategy during a key phase in the company's development.
He said his significant US experience and deep understanding of advocacy were instrumental in positioning Orthocell as a leader in regenerative medicine and supporting its US expansion.
'I would like to extend our sincere gratitude to Kim Beazley for his contributions to the board,' he said.
'Kim's extensive US experience, garnered from his extraordinary political and diplomatic career and decades of public service, has been pivotal in strengthening Orthocell's international expansion – particularly in the United States, the world's largest healthcare market.'
Beazley said it had been a privilege to serve on the board of a company with 'such brilliant products for human relief'.
'I thank the chairman, the CEO, my fellow board members and our wonderful workforce for the superb work they are doing,' he said.
'Orthocell board members need to be able to fully participate in all locations where advocacy is useful or meetings need to take place.
'My circumstances mean I must stand down. As I recover, I look forward to assisting – particularly in the US and with defence applications.'
Appointments to help drive expansion strategy
Van Der Wielen said he was delighted to welcome McNulty to the board and as chair of the audit committee and see Thadhani become lead independent director.
' significant leadership experience as a director and senior executive across a broad range of industries – particularly healthcare and resources – will greatly complement our board.
'Meanwhile, Dr Ravi Thadhani's elevation to lead independent director will bring enhanced collaboration with a dedicated focus on the US market.
'We look forward to working with Michael and Ravi as we accelerate our global expansion strategy.'
As part of his appointment, Orthocell will issue McNulty two million options, in addition to director's fees, with an exercise price of $1.53 and a three-year expiry.
The options will vest after two years, subject to McNulty remaining on the board.
Orthocell said they do not require shareholder approval as he was not a director at the time of negotiation and had no influence over the decision.
This article was developed in collaboration with Orthocell, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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