Aortech Share Discussion Threads

[bones] 23/8/2019 10:56

Thanks Brucie5. Bill Brown also said he was unhappy with the share price but that it is not his duty to issue RNS’s merely to support it. They will only advise the market when it is right to do so. As John Ely said, take care of the patient and the shareholders will be taken care of (to paraphrase).

[brucie5] 23/8/2019 10:51

Thanks for this Bones, very generous of you to share your research in this way. This is exactly what the bbs are designed for. I don't currently have a holding in AOR at present, but it is coming back onto my radar following the sell off, down 50% from last year's peak, which can be a useful indicator of value, so long as it doesn't fall any further!

[bones] 23/8/2019 10:30

As mentioned earlier, I attended the AGM. If being the only non-board shareholder there is a sign of apathy in the markets today, then there is apathy in the markets today! The only way is up, hopefully.

I have a substantial sum invested in Aortech so, for me, it was worth the expense of finding the time and flying to Glasgow to attend the AGM. I see this as a running expense of the business of investment because where else will you get the chance to properly quiz the management?

I would like to thank the board and supporting staff for welcoming me and making my visit enjoyable and, above all, giving me the opportunity to have full conversations with every board member. All were there including John Ely who was over from Texas, USA.

My takeaway, as an investor, is that I regard my investment to be in experienced and knowledgeable hands. I would go as far as to say that the collective board probably contains as much expertise as you could round up in the cardiovascular field and to have them batting for your own side is a good thing. What shone through for me is the passion each director has about the cardiovascular field and the excitement of being involved in creating new advances in the industry.

The directors are also very aware of the practical issues and stumbling blocks that they face in getting things approved and marketed. The good thing is that they have relationships throughout the field including within the FDA. If it is “who you know” that drives success, then I am in good hands, in my opinion.

I am not going to recount everything discussed in detail as it would take too long but I can say I left satisfied that everything possible is being done to make the development projects a success.

I think it is probably best to repeat CEO Bill Brown’s paragraph from the recent final results presentation. I did ask him about this at the AGM and he said that the expectations remain unchanged at this time (bolding and underlining are mine, not Bill Brown’s!):

“…Progress has been good over the past year with no change in our expectations of the timelines to having products ready for seeking regulatory approval. I expect the current year to reach a number of milestones in the development of the polymeric heart valve, tissue patches and the large bore vascular grafts with the planning, product design and preparation for manufacturing allowing prototypes to be manufactured and trials commencing…221;

[bones] 19/8/2019 15:17

The reason for no specific update is essentially that nothing further of note (worthy of an RNS) has occurred since the detailed update with the final results. That does not mean nothing is happening behind the scenes but it is an iterative process and it has been made clear that this is a long and detailed process.

I was at the AGM earlier so will update in general terms in the next day or two. I personally remain encouraged and thoroughly enjoyed the company and welcomed the chance to discuss with some of the best minds in the industry the issues. Personally, I remain highly encouraged that AOR shareholders are in good hands, but - TO BE CLEAR - that is my own personal opinion as a shareholder exercising the right to speak to the directors at the AGM.

[coolhandfluke] 19/8/2019 15:07

Regret not.

[semper vigilans] 19/8/2019 08:53

Hoping for a bit of an update with an AGM statement?

[coolhandfluke] 18/8/2019 13:43

With the legal action being taken concerning cancer and 'textured' implants, is that a possible benefit for our product?

[greedy rooster] 07/8/2019 10:33

Good to know Stig. This corroborates the strategy Aortech are taking with the heart valve to ensure quickest route to regs possible.

[the stigologist] 06/8/2019 16:52

FDA looking for a 'virtual heart model' to test medical devices...

[someuwin] 30/7/2019 20:03

Had another small top up here today.

[bones] 30/7/2019 14:02

Added following Chairman's excerpt from final results of 17th July to the header (RNS section):

Outlook

"The new and existing shareholders who supported the equity fundraising during the year have enabled AorTech to make significant progress over the past year and I thank those supporters for the trust placed in the business plan and the new Board of Directors. Developing new medical devices is not a short term process for either the engineers and clinicians involved or the providers of capital."

"Progress has been good over the past year with no change in our expectations of the timelines to having products ready for seeking regulatory approval. I expect the current year to reach a number of milestones in the development of the polymeric heart valve, tissue patches and the large bore vascular grafts with the planning, product design and preparation for manufacturing allowing prototypes to be manufactured and trials commencing".

[bones] 30/7/2019 13:08

I hazard a guess that the 50k @ 49p is also Miton. It will be good riddance to lose the Microcap Trust as it seems that fund is suffering a "mini Woodford" event and has delayed its redemptions due to a run on the fund by small cap investors hit by a double whammy of poor performance from that fund (due to a poor market generally in small caps) and Brexit collywobbles. The redeemers are likely part of the usual crowd that sell at the bottom through fear of the unknown.

I've lost count of small stocks in the last two years where a small cap fund (so-called experts) has jettisoned a material holding in a company and, when that overhang is cleared, the share price rockets severalfold in the ensuing months, as it transpires that all the reasons they invested originally had not in fact changed and often had improved.

C'est la vie in the world of investing in these "interesting times". I am holding fast here and would add more at Miton prices but for having a full allocation for my portfolio already.

22,000 shares were snaffled by lunchtime today at 50p.

[bones] 27/7/2019 15:30

Presumably they found a buyer at 50.65p?

[landy90] 27/7/2019 15:12

Langland, I think you are spot on. good call

[bones] 26/7/2019 20:26

Looks clearer now following publication of very late trades. Seems that the 200k moved from a seller at 50.5p to a buyer at 50.65p, MM’s taking the difference as their share. Likewise 70k sale at 50.5p almost matched by 69.6k of purchases at 50.65p.

Who sold, who bought? Will we get a holdings announcement? If one shareholder has or had more than 3%, this 2% of trades might cause one.

I am encouraged that some activity is happening anyway.

[bones] 26/7/2019 19:01

The MM’s did not move their quotes so clearly the trades today were met by demand from somewhere, perhaps still to show up?

[langland] 26/7/2019 18:27

My guess is Miton selling to meet redemptions.

[aith] 26/7/2019 17:15

So what’s today’s big transaction about? Any views?

[bones] 26/7/2019 16:41

CHF, pre-market quotes are false as MM’s quotes are not all up until 8am. The one with the 50p bid is the last to open shop!

[coolhandfluke] 26/7/2019 15:38

I think there might have been knowledge of this sale coming? For the last two mornings approx 15 minutes prior to the market opening the share price has been showing as 48p as if in anticipation.

[bones] 26/7/2019 14:19

Intriguing 200,000 trade at 50.65p. No effect on MM quotes and represents nearly 1.5% of the company. Maybe this will unblock the pipe!

[cocker] 17/7/2019 20:33

Looks like the share price has held up quite well considering the amount of shares sold.

[bones] 17/7/2019 10:51

Well said, Donalc. That was a quote from John Ely, non-exec director. His bio on appointment stated:

”John Ely (NED - Heart Valve Expert)

John is a recognised expert in cardiovascular devices and spent 7 years at the FDA, where he was responsible for a team that approved cardiovascular medical devices, including heart valves. In industry, he has successfully managed the process of obtaining pre-market approvals for 6 heart valves, including both tissue and mechanical valves. He has also led research and development, regulatory and quality assurance teams at Baxter International Inc., Edwards Lifesciences Corporation and On-X Life Technologies, Inc. He has authored over 25 scientific papers and is the named inventor on 3 US patents. He was previously engaged by AorTech as an expert witness in the area of heart valve design and development process, giving him an intimate knowledge of AorTech's heart valve project.”

AorTech could not have someone better qualified to assist in gaining FDA approvals in the US, in my view.

[donalc] 17/7/2019 09:52

"Our eyes, in my opinion, must always be on the patient. Only when we serve the patient first do we serve the shareholder. Unfortunately, in our world, this is a long-term proposition not a short-term one and many investors may not have the patience for that. I think we have a really great mix of experience and talent on this board and I believe we can deliver for the shareholder when we focus first on the patient."

With these words of authenticity I know this company are on the road to success. By creating an authentic product that will improve outcomes and create value to society, by accident will become profitable.

This is very positive- on track , transformational change can take a little time to embed and deliver.

I remain confident and will hold longterm.