RUA Medical is delighted to announce that its Founder, David Richmond, has agreed to sell the company to AorTech International PLC, a company listed on the AIM market of the London Stock Exchange.
As part of the deal, AorTech will change its name to RUA Life Sciences PLC and David will become Chief Executive Officer of the enlarged group. RUA Medical will remain a full-service medical device subcontract manufacturer and will continue to serve its existing customers with the same people and facilities, and provide the quality of products and service previously enjoyed.
AorTech owns the IP to the world’s leading long-term implantable biostable polymer (Elast-Eon™) and is developing medical devices utilising the key properties of Elast-Eon™. RUA Medical has been a development partner of AorTech and will continue to design, develop and manufacture devices for other companies within the enlarged group including RUA Vascular and RUA Structural Heart.
David Richmond, who takes on a new role as Chief Executive of RUA Life Sciences PLC, will continue in his Global Business Development role at RUA Medical looking after key customer relationships and new product design alongside our growing R&D and engineering teams.
David Richmond said: “This is an exciting opportunity that takes RUA Medical to the next stage of development and will help grow and deepen relationships with both existing and new customers.”
Bill Brown, Chairman of AorTech said: “This deal is a perfect strategic fit for AorTech providing the people, processes and premises to allow our world class polymers to be converted into medical device products. We look forward to a closer working relationship with David Richmond and his talented team at RUA Medical and are delighted that David has demonstrated his belief and confidence in the prospects for all of our Elast-Eon™ enabled devices by taking a substantial shareholding in the enlarged group.”
RUA Medical is an experienced full-service medical device contract developer, contract manufacturer and implantable fabric specialist. RUA Medical provides subcontract design, development, manufacture, assembly, packing, inventory management, logistics and consultancy services to the Medical Device and Biotech Industries. The company partners with medical device and biotech companies to provide technologically innovative products that can deliver lifesaving and life enhancing solutions, and focuses on personalised service, combined with innovative design and development.
Aortech International PLC, to be renamed as RUA Life Sciences PLC, has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world’s leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA. With several million implants and seven years of successful clinical use, these polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. Devices manufactured from RUA Life Sciences polymers have numerous US FDA PMA approvals, 510k’s, CE Marks, Australian TGA and Japanese Ministry of Health approvals.