Why the OptiScan (ASX:OIL) share price is rocketing 26% today

The OptiScan Imaging Limited (ASX: OIL) share price is rocketing 26% after announcing the appointment of a experienced industry executive.

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The OptiScan Imaging Limited (ASX: OIL) share price is one of the best performers on the ASX today. This comes after the company announced the strategic appointment of a highly experienced industry executive.

At the time of writing, the imagining medical technology company’s shares are fetching 32 cents apiece, up 26%. It’s worth noting that today’s monumental gain now puts OptiScan shares into an all-time high.

What’s driving the OptiScan share price higher?

Investors appear excited about the company’s latest inclusion, sending OptiScan shares into new territory.

In its announcement, OptiScan advised it has appointed Mr Robert Cooke as non-executive chair to the board.

The company highlighted Mr Cooke’s extensive experience in the health industry, noting over 40 years of service. In this time, Mr Cooke has held important roles in both public and private companies in Australia, Asia, and the United Kingdom. Most notably, Mr Cooke served as managing director and CEO of Healthscope from 2010 until 2017. Healthscope is one of Australia’s leading private hospital, medical centre, and pathology operators.

Currently, Mr Cooke is a non-executive director of Icon Group as well as Evercare Group.

Following the appointment, David Lurie will take over the reins and become managing director of the company.

Management commentary

Mr Cooke commented on the appointment, saying:

I am excited to join the Board of the Company as the Chair and to support the current team at OptiScan in the next stage of its dynamic growth plans.

With its collaborations with world-class research and medical institutions, the Company is well-placed to embark on the global commercialisation of its world- leading technology in Oral cancer screening and surgery as well as pursuing additional clinical applications.

The ability of OptiScan’s unique confocal technology to provide instantaneous, live imaging at a cellular level has the opportunity to revolutionise cancer screening and surgical practices with the resulting benefits for patient care

OptiScan new managing director, David Lurie went on to add:

It is a fantastic opportunity for OptiScan to secure someone of Mr Cooke’s capabilities and track record to lead our board. His knowledge of international corporate activity and multiple aspects of the health care sector including private health, pathology, pharmacy, radiology and IVF will provide enormous benefit to the company.

The OptiScan share price has gained close to 900% over the past 12 months, and is up almost 200% year-to-date.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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