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Syntellix's acquisition of 73% stake in materials specialist MSE results in strategically important vertical integration ahead of intended international flotation
Hannover (ots) - At yesterday's AGM, shareholders of Syntellix AG approved all the management's proposed resolutions by an overwhelming majority of 99%.
- Preparations for the intended IPO will be supported by a multinational Supervisory Board comprising internationally renowned personalities from the world of finance.
With its patented MAGNEZIX® magnesium technology, Syntellix AG is currently in the process of redefining the global market for orthopaedic implants and in doing so has achieved significant progress during the current year. At its annual general meeting yesterday, the company announced that as part of a capital increase it will acquire a 73% stake in material supplier Materials Science and Engineering Werkstoffzentrum Clausthal GmbH (MSE) and thereby further enhance its successful strategic partnership with the MSE group of Prof. Neubert and his family, which was responsible for making the globally unique innovation MAGNEZIX® possible in the first place. This vertical integration is regarded as an important step in the run-up to Syntellix's proposed international flotation and was received with enthusiasm by the company's domestic and foreign investors.
At yesterday's AGM, Syntellix's shareholders also approved all the actions proposed by the management by an overwhelming majority of over 99% of the voting stock. Even if the votes of the main shareholder, Prof. Claassen, had not been taken into account, there would still have been 99% approval for all the proposed resolutions. The company's investors, who have already expressed their support to a very notable extent by injecting capital as part of several successful capital increases during the current year, thus were in complete agreement on all upcoming formal, structural and strategic steps.
Syntellix's CEO, founder and main shareholder, Prof. Dr. Utz Claassen explains: "The acquisition of the majority stake in MSE in Clausthal with its unique competence in materials science and production engineering represents an extremely significant and a highly satisfactory step for Syntellix in the run-up to the intended flotation. As was again demonstrated impressively at yesterday's AGM, it is also pleasing that there is fantastic agreement between Syntellix's investors concerning the correctness of the approach being adopted to tap the enormous potential as well as regarding the respective measures that have been taken and the milestones that have been reached this year. Quite a few major corporations could have been excused for being envious of us when two globally renowned personalities from the world of finance, Jürgen Fitschen and Steven F. Mayer, were elected to the Supervisory Board. Highly competent nationals from the Republic of Singapore, the People's Republic of China and the United States of America will join the members from Germany in future."
Syntellix AG is an internationally operating, dynamically growing medical technology company, headquartered in Hannover (Germany). The company specializes in research, development, marketing and distribution of highly innovative transformable metallic implants. The products, which are made of the patented material MAGNEZIX®, are unique and, in a recent publication, have been found to be clinically superior compared with common titanium implants. They degrade in the body and are transformed into endogeneous bone tissue while providing a favourable combination of stability, elasticity and bioabsorbability.
Syntellix AG is the global market and technology leader in the area of bioabsorbable metallic orthopaedic implants and has already been honored with many major awards and prizes, including the Innovation Prize of the German Economy 2012/13, the Future Prize of the Health Industry 2016, the German Medical Award 2017, the STEP Award 2017, and the "Innovator of the Year 2017" in Germany; internationally the implants were a winner in the Product of the Year category of the Sustainability Award 2018 program.