RCS - Cydar Ltd - Kenneth Hitchner appointed Cydar Medical Chairman

MedtronicAnnouncement

14/02/2023 08:15

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RNS Number : 7819P  Cydar Ltd  14 February 2023

KENNETH HITCHNER APPOINTED AS CHAIRMAN OF CYDAR MEDICAL

 

Appointment to support Company's ambitious growth strategy to create value
across its platform

 

Follows a transformative 2022 having expanded the Cydar EV Maps product to
provide a compelling solution for image guided minimally invasive endovascular
procedures and signed strategic collaborations with key industry players
providing strong third-party validation of Cydar's technology and vision

 

CAMBRIDGE, UNITED KINGDOM, 14 FEBRUARY 2023 - Cydar Medical
(https://www.cydarmedical.com/) ("Cydar" or "the Company"), a global,
cloud-based surgical software company, announces that Ken Hitchner has been
appointed as Chairman of the Board with immediate effect. Lord Mervyn Davies
of Abersoch who has served as Chairman since January 2017 will step down from
the Board alongside Dr Franz B. Humer who has served as a Non-Executive
Director since March 2017.

 

Ken Hitchner brings over 30 years of strategic healthcare advisory, M&A,
underwriting and other transactional expertise. Ken was a member of the
Goldman Sachs Global Management committee and Chairman and CEO of Asia
Pacific, excluding Japan, from 2013 to 2019. Prior to this he was Goldman
Sachs' Global Head of Healthcare banking and Global Co-Head of TMT banking.
Ken spent much of his 28-year career at Goldman Sachs in the biopharmaceutical
and medical device sectors. Before joining Goldman Sachs, Ken was a
carrier-based fighter bomber pilot for the U.S. Navy. Ken is currently a Board
member of publicly traded Wuxi Biologics and CStone Pharmaceuticals, as well
as a senior advisor to Wuxi Apptec. In addition, Ken is Chairman of HH&L,
a healthcare focused specialty acquisition company listed on the NYSE. He is
also a senior advisor to early-stage venture capital firm Antler.

 

Cydar Medical is a surgical augmented intelligence company that uses
cutting-edge artificial intelligence ("AI") technology to transform the way
information is provided to clinicians undertaking image-guided minimally
invasive surgery ("MIS") simplifying complexities within operating theatres
and informing better clinical decision-making. The past 12 months have been
transformative for Cydar having signed collaboration agreements with Medtronic
Vascular Inc. and BrainLab AG, initiated the UK ARIA(1) study and successfully
completed a Series A funding round raising over £9 million, including a £3
million cornerstone investment by Pembroke Venture Capital Trust and
participation from Downing LLC's Healthcare Ventures fund as well as existing
and new investors. Following a year of strong operational progress, today's
appointment of Ken Hitchner is in line with the Company's ambitious growth
strategy to deliver a future surgical landscape where all patients benefit
from Cydar's platform solutions.

 

Paul Mussenden, Chief Executive Officer of Cydar Medical commented:

"On behalf of the Board, I would like to express our sincere gratitude to both
Mervyn and Franz for their support and commitment to the Company over the past
five years, during which time we have developed Cydar EV Maps from a minimally
viable product to a proven first product from Cydar's technology platform,
secured an accelerating global customer base and generated support by a range
of leading industry players. We are delighted to welcome Ken Hitchner as
Chairman. His depth and breadth of global healthcare experience is
particularly relevant at this time as we look to progress the Company into its
new phase of growth by delivering value from across the Cydar platform."

 

Lord Mervyn Davies of Abersoch, former Chairman of the Board of Cydar Medical
commented:

"The last five years have been transformational for Cydar and I step down
leaving the Company with a strong management team, a truly innovative platform
in image guided MIS, an exciting growth strategy and a supportive shareholder
base. I am very optimistic about the future for Cydar and am leaving the
business in trusted hands under Ken's leadership."

 

Ken Hitchner, Chairman of the Board of Cydar Medical added:

"I am delighted to join the Board of Cydar at an exciting time in the
Company's evolution and build upon the successful track record it has in
revolutionising image-guided MIS. I look forward to working with the Board and
Senior Management Team as we look to execute on the Company's growth strategy
and deliver its vision of building a future where all patients benefit from
its augmented surgical intelligence platform."

 

- ENDS -

 

For further information, please visit www.cydarmedical.com
(http://www.cydarmedical.com) or contact:

 

 Cydar Medical
 Paul Mussenden, Chief Executive Officer                       contact@cydar.co.uk (mailto:contact@cydar.co.uk)
 Cynthia Azucena, Global Marketing Director
 Emma Deanfield, Head of Investor Relations & Fundraising

 FTI Consulting                                                +44 (0)20 3727 1000
 Ben Atwell / Alex Davis                                       CydarMedical@fticonsulting.com (mailto:CydarMedical@fticonsulting.com)

 

About Cydar Medical

 

Cydar Medical is a global cloud-based software company that provides an
integrated solution for planning, navigation and review of surgical procedures
using the power of artificial intelligence ("AI") to augment a clinician's
decision making. Its Cydar EV Maps product harnesses the latest in cloud
graphics processing unit ("GPU") computing, computer vision and machine
learning technology to advance surgical visualisation and decision-making in
theatre, and across the surgical pathway. The Company's AI will continuously
learn from procedures conducted globally to provide predictive analytics to
assist clinicians in the operating room, enabling them to make faster, easier
and safer decisions in the future. The platform will deliver new products and
capabilities to improve the delivery of healthcare. Cydar Medical is
headquartered in Cambridge, United Kingdom, and is working towards its vision
of a world where all surgery conducted works exactly as planned.

 

For further information about Cydar Medical, please visit www.cydarmedical.com
(http://www.cydarmedical.com)

 

References and Notes

 

(1) ARtificially Intelligent image fusion system in comparison to standard
treatment to guide endovascular Aortic aneurysm repair ("ARIA")

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