Cydar appoints to its Board: Lord Davies of Abersoch as Non-Executive Chairman alongside Dr Franz Humer and James Downing as Non-Executive Directors

– UK, Cambridge – Cydar Limited, a world leading cloud based surgical guidance software company, announces the appointment of a new Non-Executive Chairman and new Non-Executive Directors. Lord Davies of Abersoch has been appointed Non-Executive Chairman. Dr Franz B. Humer and James B. Downing join the Board as Non-Executive Directors. Professor John Deanfield, will head a new Scientific and Technology Advisory Board.

Cydar is the first company in the world using high performance cloud computing to provide surgical guidance in the operating room. At its core, fully-automatic computer vision tracks patients during X-ray guided surgery; enabling it to combine diagnostic scans, planning information and real-time imaging with millimetre precision.

Lord Davies commented: “I am delighted to join Cydar as Non-Executive Chairman. The UK is a recognised leader in knowledge based industries, and commercialising British Science is a key driver for long term economic growth. Cydar represents an opportunity for the digital revolution in medicine to help break through the intelligence barrier and generate evidence based improvements for better healthcare outcomes. I look forward to working with the Board and Executives to ensure Cydar has the right strategy and human capital, to help build an innovative, global company to achieve its great potential.”

Cydar CEO, Tom Carrell added: “Our successful transition from early-stage to growth company is testament to the efforts of our original Board and outgoing Non-Executive Chairman Mark Evans, who remains as a Non-Executive Director. We believe the skills and experience that Lord Davies, Dr Franz Humer, Jim Downing and Prof John Deanfield now bring will prove invaluable as we pursue our commercial and technology aspirations to be a world leader in cloud based surgical guidance software.”

The Company also announces that it has signed its first US contract with the prestigious Duke University Hospital. This marks the Company’s strategic decision to open a US gateway for its first FDA-cleared product, Cydar EV, and to pre-launch its US commercialisation strategy whilst it continues to develop its next clinical indications.

Cynthia K. Shortell, M.D. Professor and Chief, Division of Vascular Surgery. Acting Chief, Division of Trauma and Critical Care Surgery. Chief of Staff, Department of Surgery, Duke University Medical Center, commented: “Data from the clinical trials that supported the product’s approval suggest it has the potential to be a significant advance in image-guided surgery. We look forward to the opportunity to gain experience with this exciting new technology.”

Kurt T Farhy, Cydar’s Chief Commercialisation Officer added: “We are delighted to be working with Duke and Professor Cynthia Shortell. Duke is a key luminary site for us and this is an invaluable gate-opening and validation of our Software as a Service offering”.

Cydar CEO, Tom Carrell said: “The contract with Duke is the culmination of our efforts to establish a US presence. Installation and onboarding there represents the completion of a comprehensive evaluation process, which included IT, information security, operating room, data sharing and business approvals. We now have significant interest in our product from US physicians and hospitals alike and I expect Duke to act as springboard for our US launch in March.”

About Lord Davies of Abersoch

Lord Mervyn Davies brings commercial and international experience to the Board as both a former CEO and Chairman of Standard Chartered Bank, former Minister for Trade, Investment, Small Business and Infrastructure and as current Chairman of Corsair Capital and a Director across a diverse range of companies.

About Franz B. Humer

Dr Franz B. Humer brings a wealth of healthcare and commercialisation experience as well as deep insights into clinical applications and health data. He is former CEO and Chairman of Roche Plc, having previously been at Glaxo and Schering Plough.

About James B. Downing,

James Downing brings extensive deal structuring and negotiating skills as a corporate finance specialist, and former Deputy Head of European Investment Banking at JP Morgan Chase & Co and currently as Non-Executive Director on a number of companies.

About John E. Deanfield

Professor Deanfield brings expertise in cardiovascular imaging, large-scale clinical trials and outcomes research, both nationally and internationally. He is Professor of Cardiology at University College London and Director of the National Institute for Cardiovascular Outcomes Research (NICOR).

About Cydar

Cydar Ltd is a private UK company established in 2012, originally a spin out from Kings College London and Guys & St Thomas’ NHS trust. It has successfully completed clinical trials to gain CE Mark and FDA Clearance for its first product – Cydar EV – in 2016 and is currently being used in several UK hospitals, including The Royal Free Hospital and at Guys & St Thomas’s Hospital, in London. Cydar Inc (US) is a wholly-owned subsidiary of Cydar Ltd.

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