Cellmid 2018 Annual Report
10
CEO
REPORT
CONTINUED
STELLAR BOARD SET TO
FACILITATE DELIVERY OF GROWTH
STRATEGY
We are especially pleased to have been able to enrich the
board with two non-executive directors during the financial
year. In October 2017, we appointed Dr Martin Cross to
the Cellmid Board as a non-executive director. Dr Cross is a
highly regarded pharmaceutical executive with over 30 years’
experience including corporate and industry leadership roles
in global business development, marketing, sales, product
development and management roles.
We were also very pleased to announce the appointment
of Mr Dennis Eck as a non-executive director to the Cellmid
Board in March 2018. Mr Eck is a highly qualified director
with 40 years’ senior management experience in the retail
sector leading the strategic direction of companies such as
American Stores, Vons and ULTA in the United States and
Coles Myer in Australia. Prior to his appointment, Mr Eck
made a strategic investment in Cellmid through a private
placement undertaken in December 2017. His experience
and industry insights have already proved highly insightful to
guide the Company’s strategy and market development.
SHARE CONSOLIDATION PAVED
THE WAY FOR THE
RECAPITALISATION OF THE
BUSINESS
In late 2017 we undertook a 20:1 share consolidation following
shareholders’ approval at last year’s Annual General Meeting.
The share consolidation has been very successful in reducing
share price volatility, negative market perceptions and
attracting a broader range of investors, especially institutional
investors during the subsequent private placement.
The private placement and share purchase plan announced
on 31 July and completed on 12 September 2018 raised just
over $10.0 million (before costs) with strong demand from
both existing shareholders and new institutional investors.
These funds will be used to drive growth in the consumer
health business globally and execute on our expanded
distribution and marketing strategy to deliver increased
revenues in the year ahead.
WITH A STRONG BOARD AND
MANAGEMENT TEAM, THE
COMPANY IS FULLY FUNDED
TO EXECUTE ON ITS GROWTH
PROSPECTS
During the coming year Cellmid is planning to build on the
distribution and marketing milestones achieved in FY2018.
Launch of the new Fillerina® and evolis® Professional
products in our existing Australian pharmacy distribution
network, opening new channels and geographies in Asia
and scaling into the US premium retail channel will give us
unparalleled growth opportunities. We also expect to sign
new partnerships to advance our midkine asset portfolio
to continue the cost-effective business model we have
successfully exploited in the past.