RUA Life Sciences to Expand Business Scope; to Develop and Sell Heart Valves

By Michael Susin

RUA Life Sciences PLC on Tuesday reported positive performance across all its divisions and said it is seeking to expand its business scope.

The AIM-listed company said its medical-device business had received a recommendation to extend its scope from an audit body, as it seeks to expand its certification to "design, development, manufacture and sale of sealed vascular prostheses and heart valves."

The medical division was previously certified as a third-party supplier, the company said.

RUA said the certification moves precede a launch into clinical trials later this fiscal year and eventually the sale of its own heart valves.

The company said that it expects to reach an agreement with the U.S. Food and Drug Administration on a clinical trial design, and that it anticipates revealing the full details of the study around the end of September.

"Overall, the progress made in developing products has been matched by trading activities and although we are not currently anticipating the 50% year-on-year revenue growth to continue for the rest of the year, it is a good indicator of the building and development of the business," Chairman Bill Brown said.

RUA said its biomaterials business is performing ahead of budget, with revenue for the four-month period to the end of July up 73% at 144,000 pounds ($173,563) compared with a year earlier.

Contract manufacturing also was above expectations, with revenue at GBP540,000, compared with GBP374,000 a year earlier, driven by a combination of price increases and a boost in device volumes, the company said.

Write to Michael Susin at [e-mail]

(END) Dow Jones Newswires

August 16, 2022 03:36 ET (07:36 GMT)

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