Bhirangi will take a leading role in driving Admedus’ transcatheter aortic valve replacement (TAVR) and surgical aortic valve replacement (SAVR) projects as well as other catheter-based projects to expand the ADAPT portfolio of products.
The company will also today send its company prospectus together with personalised entitlement and acceptance forms to eligible shareholders to participate in a renounceable pro-rata entitlement offer.
The partially underwritten offer will be for five new shares for every existing seven held at an issue price of 8 cents per new share, raising up to $20.2 million.
Each new share includes one free attaching new option with an exercise price of 8 cents, expiring three years from issue.
Admedus chief executive officer Wayne Paterson said: “We are very pleased to welcome Dr Bhirangi to Admedus as the chief medical officer.
“His extensive global experience in the cardiovascular area, both as a clinician and corporate executive, is a great asset to the company.
“With the addition of a truly global talent like Dr Bhirangi to our leadership team, we are moving the company and our industry-leading technology into a new era of scientific and commercial development.
As a qualified vascular surgeon, Bhirangi will bring substantial leadership experience in medical affairs and clinical research in the field of cardiology.
Bhirangi will be responsible for coordinating global medical affairs strategies, clinical compliance, global clinical study programs and developing Admedus’ clinical publications and scientific presentations strategies.
His previous roles include: global head of medical and vice president clinical development and medical affairs for Cardiome AG; head of medical affairs for Shire Human Genetic Therapies; and medical director for Johnson and Johnson subsidiary OrthoBiotech Products.
Bhirangi has a Bachelor of Medicine, Bachelor of Surgery and Master of Surgery from Bombay University and fellowship of the Royal College of Surgeons in Ireland.
He is widely published and has conducted extensive industry-sponsored research.
ADAPT was invented by Admedus’ cardiovascular science vice-president Professor Leon Neethling and is a pioneering technology to enable the manufacture of biomaterial scaffolds that mimic human tissue.
It has been used to create scaffolds, such as the next generation collagen scaffold VascuCel, used in cardiac repairs and reconstruction procedures for many years.
Major shareholder Star Bright, which has a 19.99% stake in Admedus, has acknowledged the potential of the ADAPT technology to deliver tangible benefits for the global medical community and its patients.
ADAPT sales grew by 63% to $3.1 million in the September 2018 financial quarter when compared to the previous corresponding period, driven by US, EU and emerging market growth, and favourable exchange rate movements.