RUA Life Sciences, the holding company of a group of medical device businesses focused on the exploitation of the world’s leading long-term implantable biostable polymer (Elast-EonTM), announces its audited final results for the year ended 31 March 2020.
· Transformation continues: driven by recent strategic acquisition of RUA Medical Devices Limited
· Polymer IP business unit performed strongly: licence fee and royalty income grew to £489k (2019: £463k)
· Year end cash balance: despite continued R&D spend, cash remained strong at £1,976k (2019: £2,412k). As at 7 July 2020, cash balance of £1,507k after incurring costs and initial cash consideration for the acquisition of RUA Medical Devices Limited
· Medical device development business progressing well: key milestones met in both Vascular and Structural Heart business units including pilot animal study on vascular grafts
· Overheads remain tightly controlled: all R&D costs charged to the Group’s income statement
· Key milestones: expect to reach design freeze on Vascular products within the next two months and Structural Heart projects during the financial year allowing full regulatory testing to commence on both product areas
· Post-year end, completed strategic acquisition of RUA Medical Devices Limited and name changed to RUA Life Sciences plc creating a fully formed medical devices business with IP, people, production and products
Bill Brown, Chairman of RUA Life Sciences, commented: “A huge amount has been accomplished by the Company and its partners over the last two years in building the foundations for a range of transformational cardiovascular devices. With the recent acquisition of RUA Medical, the Group now has all of the elements in house to continue the progress made and anticipate meeting a number of key milestones over the next year.”
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0) 77 3071 8296
David Richmond, CEO Tel: +44 (0) 78 9999 6400
Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA Life Sciences Plc (formerly known as AorTech International Plc) acquired RUA Medical Devices Limited to create a fully formed medical device business. RUA Life Sciences is the holding company of the Group’s four trading businesses, each exploiting the Group’s patented polymer technology.
Our vision is to improve the lives of millions of patients by improving and enabling medical devices with Elast-EonTM, the world’s leading long-term implantable polyurethane.
Whether it is licensing Elast-EonTM, manufacturing a device or component or developing next generation medical devices, a RUA Life Sciences business is pursuing our vision.
Elast-Eon™’s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. With over 7 million implants and over 14 years of successful clinical use, RUA’s polymers are proven in long-term life enabling applications.
The Group’s four business units are:
|RUA Medical:||End-to-end contract developer and manufacturer of medical devices and implantable fabric specialist.|
|RUA Biomaterials:||Licensor of Elast-EonTM polymers to the medical device industry.|
|RUA Vascular:||Development of large bore polymer sealed grafts and soft tissue patches.|
|RUA Structural Heart:||Development of tri leaflet polymeric heart valves.|
A copy of the annual report can be found via the link https://rualifesciences.com/investor-relations/regulatory-news-alerts/