PolyNovo (ASX:PNV) has announced the appointment of Mr Leon Hoare to its Board as Non-executive Director.
Mr Hoare was Managing Director of Smith & Nephew Australia & New Zealand until December last year. He previously served as President of the company's Asia Pacific Advanced Wound Management (AWM) business for 5 years. He was also a member of the Global Executive Management for the AWM Division.
During more than two decades with Smith & Nephew, Mr Hoare also held roles in Marketing, Divisional and General Management. His career also included a senior role at Bristol-Myers Squibb and serving as ViceChair of Australia’s peak medical device body, the Medical Technology Association of Australia.
“I have known Leon for 25 years and observed him on the board of another public company. His experience and contribution will be invaluable as part of the group to take PolyNovo to the next level," said PolyNovo Char, Mr David Williams.
“The Board has resolved to recommend for shareholder approval at the next shareholder meeting the issue to Mr. Hoare of 500,000 options exercisable at 25 cents, and 500,000 options exercisable at 33 cents. More details will be provided on this before the next meeting of shareholders,” he added.
The company recently announced US FDA approval of its Biodegradable Temporising Matrix (BTM) for use in reconstructive and surgical wounds.
The approval allows the company to sell the BTM in the US surgical wound market which is estimated to be valued at US$800 million per annum.