G Medical Innovations CEO snaps up 1 million shares on market

G Medical Innovations ASX GMV chief executive officer Yacov Geva on market purchase
G Medical Innovations CEO Yacov Geva with a Prizma smart phone cover.

G Medical Innovations’ (ASX: GMV) chief executive officer and largest shareholder Yacov Geva has continued to snap up shares in the mobile-device medical technology company.

The Cayman Islands-headquartered company today revealed Dr Geva had upped his stake by purchasing 1.036 million fully paid ordinary shares indirectly on 3 April via two separate transactions.

A 500,000-share stake was acquired through registeree Bank Julius Baer & Co and was valued at A$139,069.

A second 536,000-share parcel was secured via custodian and registeree HSBC Custody Nominees (Australia) and priced at A$144,806

Both of the new holdings were scooped up through on-market trades.

The buy-up left Dr Geva with an indirect holding of 3.672 million fully paid ordinary shares in G Medical on 3 April.

He also held 193 million fully paid ordinary shares in escrow for 24 months from quotation on April 3 and more than 100 million performance rights in two classes – also escrowed for 24 months from quotation.

Other executive buys up in G Medical

The CEO’s buy follows non-executive director Ashley Mark Krongold’s upping of his indirect stake by 300,000 shares through registeree Silver Horizon for $99,544 between 19 December and 20 December.

Prior to the on-market buy up, Mr Krongold, who is also a founding member of Investec Bank Australia, held 1.2 million fully paid shares, with the purchase growing his stake to 1.5 million shares.

mHealth focused

Specialising in remotely delivered healthcare serviceby providing monitoring technology and services, G Medical’s technology enables patients to track key health statistics, such as heart rate and ECG heart-rhythm results and send these results to their doctors or family members.

The technology allows clinicians to improve their level of care for patients and back a wider community push towards preventative medicine in metropolitan areas and in rural and remote regions.

G Medical’s medical-grade health monitoring solutions, which include a medical-monitoring smartphone case and a continuous monitoring patch, can also track oxygen levels in the blood and temperature, and conduct stress tests.

Global reach

The company has operations in Macedonia, Israel, Hong Kong and the US, in addition to the Cayman Islands, and was valued at A$103.5 million by market close Monday.

Last November, G Medical was granted an Australian Therapeutic Goods Administration approval and MEDSAFE Certification for its Prizma medical smartphone case.

Prizma is also approved by the United States Food and Drug Administration and has a Class IIa approval under the European CE mark system, effectively giving the product a global reach.

Also, that month, G Medical grabbed a CE certification for its G Medical Patch.

The company went on to complete its acquisition of CardioStaff Diagnostic Services in December.

Company structure

The company this month updated investors in on its structure in a company presentation, revealing the focus of each of its mostly 100% owned subsidiaries.

G Medical has 90 employees worldwide and more than 48 US FDA approved  medical devices.

G Medical Innovations Israel, a fully owned subsidiary, is focused on research and development and regulatory efforts.

Delaware-based 100%-owned subsidiary G Medical Innovations USA owns the independent diagnostic testing facility G Medical Diagnostic Services, USA, while 100%-held G Medical MK in Macedonia is conducting additional research and development.

Fully owned business sales hub G Medical Innovations Asia in Hong Kong has a 100% in administration and online sales arm G Medical Innovations, UK and holds a 70% partial stake in Guangzhou Yimei Innovative Medical Science and Technology Co in China, where production and local sales and marketing efforts are conducted.

G Medical’s securities closed at A$0.32 yesterday.

Amanda Ellis is a writer and business journalist with more than 20 years experience. She has been a staff writer for The West Australian and a journalist at numerous industry publications over the years, including a role as editor of BioTechnologyNews.