Aortech Share Discussion Threads

[donalc] 18/10/2019 09:12

this email drops into my email box:from Edwards manufacturer.

Dear Dr XXXXX,

Heart valve disease affects around 1.5 million people above the age of 65 across the UK and outcomes for patients whose condition is left untreated are poor.

Studies show that people with serious aortic stenosis have around a 50% chance of living two years if they are not in receipt of effective treatment.

Edwards LifeSciences has put together some valuable information to help improve the understanding of the need for early detection of aortic stenosis and referrals in primary care.

In order for heart valve disease to be diagnosed as early as possible a trained health care professional can take the simple step of using a stethoscope to listen for the characteristic heart “murmur”, which is often the first sign of a heart valve disorder.

All healthcare professionals with appropriate training should be encouraged to investigate patients for evidence of heart valve disease. In the event a murmur or other abnormality is found, they should liaise with the patient’s GP who should be responsible for referring the patient on for further assessment. For symptomatic patients with severe aortic stenosis, definitive treatment should be completed within three months of an initial referral.

This will not only improve patient outcomes but also reduce the economic burden on health and social care on already challenged budgets.

Given the pressure on GPs, a primary care stethoscope check could, for example, become a routine element of the NHS Health Check, which is a free and sophisticated check of the health of adults aged between 40 and 74. To alleviate the pressure, this check could be provided by other appropriately trained health care professionals in the primary care setting in conjunction with the GP.

If you like more information, please click here.







Kind regards

Country Manager for UK and Ireland

[ny boy] 14/10/2019 14:30

Can break 90p this quarter.. onwards & upwards!

[toffeeman] 14/10/2019 12:08

Thanks again, will revert to lurker - my knowledge is too limited. I just wonder about the knowledge within Guinness AIM!!

[landy90] 14/10/2019 12:02

Would not short Edwards, they are winning the TAVR race and will purchase polymer tech if required.

[bones] 14/10/2019 11:06

TM, I think it’s easier for them to buy the disruptive technology in rather than spend years reinventing the wheel.

[toffeeman] 14/10/2019 10:56

Many thanks - looks like Edwardes could be a profitable short in the not too distant:)

Surely the existing suppliers must be working on non-animal valves?

[langland] 14/10/2019 10:38

Also the polymer AOR uses has already been used on millions of implantable devices and has had no safety issues. This will be a strong factor when it comes to regulatory approval.

[bones] 14/10/2019 10:30

TM, as regards the Foldax question, i suggest a good starting point is to read posts 2383 through to 2399 of this thread, found here:



Basically, there are many majors and they will each want a slice of the polymer pie. If one polymer HV developer gets snapped up, another will be in demand. We also believe the one AOR are developing will be better than the Foldax one and apparently we will have a far superior manufacturing method based on using the latest computer design tools.

[toffeeman] 14/10/2019 10:19

Please forgive the naive questions(s) I am here via Guinness AIM and so reliant on their knowledge.

What is Aor's competitive advantage?

How does the valve they are developing differ from Foldax (I understand they settled litigation some time back)?

Why does there seem to be such a valuation gap between AOR and Foldax.

Which other companies operate in the same space?

[landy90] 14/10/2019 10:18

See in the header the value paid for Symetis,a polymer valve is much more disruptive than another TAVI offering so value may be ambitious but only 2 or 3 times, we are still talking in the 100�s of $m�s.

[langland] 14/10/2019 09:28

Suggest you look at the link....


Obviously it is difficult to substantiate the valuation otherwise I don't think we would still be trading at 60+!

[the stigologist] 14/10/2019 08:51

Did this happen?

landy90 - 23 Aug 2019 - 12:27:20 - 2671 of 2752

I try to keep my ear to the ground on what is going on at Foldax. I understand that the first implant (early feasibility study of 15 valves) took place in early August with another 9 due over the rest of the month.



The first implant went well. Foldax are in discussions with Goldman Sachs who are placing a $1.4 billion valuation on the business.

None of the above seems unreasonable and I can understand Bill Brown's frustration with our current valuation. The Foldax valuation if true gives a good read through on what the AorTech valve should be worth in a year or two.

[bones] 13/10/2019 14:37

Had another moment to review the trading update and I guess I can pull out the following phrases and quotes from it.

“...it is pleasing to report that, despite funding the R&D efforts over the six months to 30 September 2019, cash was maintained at GBP2.3 million...”

“...With the progress being made with our partners...the Board decided to accelerate our recruitment plans for further in-house expertise...part funded by Scottish Enterprise...”

“...Our partner, RUA Medical, has recently completed the construction and fit out of two new clean rooms that will be used to manufacture AorTech's vascular grafts and soft tissue patches...”

“...A novel coating technology has been identified and trialled. We anticipate having crimped and coated prototypes in the next 6 to 8 weeks...”

“...we had the opportunity to meet not only leading surgeons, but with major medical device companies and key distributors...and we are very much encouraged by the commercial opportunities that will arise once we have regulatory approvals...”

“...Substantial progress has been made over recent months on the design of the polymeric heart valve...A design for manufacture (DFM) project currently underway to develop the tooling that will allow a highly consistent valve to be made both faster and cheaper...”

“...a regulatory pathway has now been established for polymeric valves and testing protocols agreed. This provides us with confidence that our valve will have similar success, especially as a result of the recent improvements in design...”

That’s a lot of progress to be happy about, I think (as I hold my half full glass!). The market still only attributes a value of £8M to all of this progress, and that value includes the existing licence and royalty streams that arguably take up much of this valuation alone.

[bones] 11/10/2019 14:41

Aortech has updated its website with the latest significant shareholders list, which I have updated in the header along with the trading update summary.

The shareholder list, with movements since April 2019, are:

21.47% Walker Crips Stockbrokers (3,153,452) - increase of 5.09%
5.96% Mr Clive Titcomb (875,000) - increase of 0.72%
5.33% A J Bell Securities (782,838) - first time on 3% list
4.53% Mr JD Abell (665,308) - increase of 0.83%
4.37% Mr Gordon Wright (641,645) - unchanged
4.29% Hargreaves Lansdown Asset Management (630,367) - decrease of 0.31%
3.95% Charles Stanley (580,672) - first time on 3% list
3.68% Share Centre Investment Management (540,404) - decrease of 0.31%
3.45% Mr Bill Brown (506,649) - unchanged
3.40% Halifax Share Dealing (499,882) - first time on 3% list
3.15% Interactive Investor (463,282) - decrease of 0.31%
3.02% Barclays Wealth (443,542) - first time on 3% list

66.60% Sub Total
33.40% Shareholders < 3%
100.00% Total

No longer on list = Miton Asset Management (862,071 shares all sold by Sep 19, I am reliably informed)

[langland] 11/10/2019 14:20

Real mkt. seems to be more like 58-61.

[landy90] 11/10/2019 09:22

An observation, hidden in the statement is mention of the design having a big change in regurgitation and 50% reduction in maximum stress. That is a massive step change in performance and reduce the possibility of a stress related valve failure by many times. Those bullet points are targeted at a different audience than the shareholders on this thread!

[landy90] 11/10/2019 09:16

I am sure they will update as appropriate, but I would not be in this for breast implants, the material is better but cost is too much plus a testing requirement for a BI shell that requires 3 or 4 times elongation without creep. That is not possible for Elasteon but me got work for Ecsil

[harrogate] 11/10/2019 09:08

Yes I have all the scars. That is what makes me sceptical. I am afraid and I continue to see progress in those areas where we can set things up and sign development agreements and other things in our control. But nothing at all when it comes to people paying us money for our tech. They might be better than the last lot but look at the words around the time of the fundraise. They talked of imminent new licence deals on the core material and the excitement of taking back control of the IP for breast implants. Where are the updates on this - actual business? Nothing happening. Same old for me at the moment

[someuwin] 11/10/2019 09:05

Cheers landy. Very interesting.

[coolhandfluke] 11/10/2019 08:55

I believe there is more than enough good news in this update to underpin a re-rating of the share price.

[landy90] 11/10/2019 08:55

Harrogate, I think the current team are painfully aware of the historic reputation of over promising and under delivering , a serial offender in the Maguire period but actually with a much more dramatic impact in the McDaid era which you will remember well as you will have suffered the collapse in value when a version of the valve failed in sheep.

[langland] 11/10/2019 08:51

In that context our mkt. cap is incredible.

[landy90] 11/10/2019 08:48

A feeding frenzy by the majors of all the TMVR start ups with value ranges between $250 and 450m. Some with literally a handful of human implants. Look at Tendyne, Twelve etc