QT Vascular CEO and largest shareholder used rally to offload shares

THE chief executive of QT Vascular has been offloading his shares in the medtech firm over the last two days, according to a filing with the Singapore Exchange.

On Monday, chief executive Eitan Konstantino sold close to 46 million shares for S$689,429 or S$0.015 apiece, paring his stake from 2.65 per cent to 0.59 per cent.

On Tuesday, Dr Konstantino sold another four million shares for S$56,533 or S$0.014 apiece, further reducing his stake from 0.59 per cent to 0.41 per cent.

Separately on Aug 26, QT Vascular's largest shareholder Tanhum Feld, through his vehicle MDIE Pte Ltd, sold 150 million shares for S$2.68 million or S$0.0179 apiece. This reduced MDIE's stake in QT Vascular from 8.81 per cent to 2.1 per cent.

The shares closed flat at S$0.012 on Wednesday, after climbing briefly to a 52-week high of S$0.017 on Aug 25.

The group later said on Aug 30 that it had, on Aug 28, completed the sale of assets relating to the drug-coated Chocolate PTA balloon catheter product line to G Vascular.

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Auditor KPMG had raised doubt abouts QT Vascular's ability to continue as a going concern in July, so the disposal will help improve its liquidity.

Last year, QT Vascular made a net loss of US$9.6 million and was in a net current liabilities position of US$402,000.