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Aortech International Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Aortech International Plc LSE:AOR London Ordinary Share GB0033360586 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 126.50 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
123.00 130.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Plastics,resins,elastomers 1.63 -2.07 -9.30 - 28.06
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 126.50 GBX

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Posted at 12/6/2020 09:32 by bones
It is encouraging to see that Resonetics, the precision nitinol medical device parts makers are ploughing on with their expansion plans.

In the last couple of years, Resonetics has taken a material stake in Medibrane, an Israeli based maker of polymer coverings for the same devices that Resonetics supplies the metal frames for, eg cardiovascular stents. There seems little doubt that the two companies are combining their respective skills to supply the major device makers of the globe.

Hence why Aortech last year signed a major licensing deal with Medibrane, so that the latter company could start to design polymer covered products such as stents containing Elast-Eon, much the same way as RUA Medical Devices is doing with the products being developed by Aortech.

Recalling the announcement last November (only just over 6 months ago);

Elad Einav, CEO of Medibrane, said: ”We have already trialled the Elast-Eon(TM) material for some applications and found it to have a number of benefits over other polymers with regard to manufacturing process stability as well as cohesiveness. This coupled with the world class biocompatible and biostable properties of Elast-Eon(TM) should allow us to help grow the number of uses for Elast-Eon(TM) in medical devices.”

Bill Brown, Chairman of AorTech, said: ”The AorTech team has been very impressed with Medibrane's technical capabilities and look forward to a long and successful partnership with them. We are delighted to be working with a commercially focused business such as Medibrane to help promote a greater number of Elast-Eon(TM) enabled medical devices.”

This was hailed by Bill later in the Aortech half year report as ”....a very important licence agreement with Medibrane Limited, experts in encapsulation technology for medical devices but stents in particular....”

It takes a long time for new products to be moved through the regulatory processes but I will be intrigued to know how this “very important” licence agreement is progressing. Perhaps we will get an update at the final results next month.

The fact that Resonetics, a key partner of Medibrane, is expanding its operations must bode well. Knowing that Aortech have learned from the mistakes of the distant past, I am confident they will seek full value for their new licensing deals. The fruits of this deal will hopefully emerge in time as and when Elast-Eon enabled stents start to be approved. After all, stents represent a HUGE market!

Posted at 09/6/2020 08:51 by bones
I am grateful to no less than EIGHT of you that have so far requested a copy of my research PDF (laid out in post 3594). I am equally humbled by the kind responses! One respected, material shareholder of AOR even thought that it is the kind of material Shore Capital should be sending out to their clients! Very kind words.

Judging by the replies, it is clear to me, by extrapolation, that there are many serious, long term shareholders of AOR lurking and observing from the shadows and it is encouraging that some have indicated that they will pass the document around their own circle of investor friends and associates.

The more the general message can be circulated amongst serious players, the more that will take a look at the story unfolding here at Aortech/RUA.

Posted at 08/6/2020 17:48 by bones
Thanks Landy90. They retain 690p valuation. Today’s share price 110p. Bull market anyone?

ED note can be seen here:

Posted at 08/6/2020 10:12 by bones
I have just written a short research document of 4 pages plus some reference links, on the current state of play at Aortech/RUA following the “merger” between Aortech and RUA Medical Devices Ltd in April and the immense steps forward taken by those combined companies in the development to date in readiness for various trials of the heart valve and cardiovascular grafts. The piece briefly talks about:

- The merger’s benefits in terms of vertical integration and combination of manufacturing expertise and valuable IP.

- The current industry landscape and how Aortech/RUA could disrupt it.

- The heart valve industry, current technologies and why Aortech/RUA have such a large opportunity to hurt the majors if they are successful.

- The historical tendency for the majors to defend their positions by buying out disrupters.

- The possibility that Aortech/RUA has two current projects that each could ultimately be worth many multiples of the current share price of Aortech/RUA.

- The pipeline of other areas of devices that RUA has brought with it that could in future be exploited via the Elast-Eon IP platform.

It does NOT discuss finances and future funding needs, which are inevitable at some stage. It does however cross-refer to documents where those subjects do get an airing, eg the Equity Development research notes.

I would emphasise that this is, first and foremost, intended as an initial source of information, a “research starter pack” with cross referencing to various other sources of information. It is to be used as such and is not in any way a recommendation to invest. That decision is for someone after they have done their own research way beyond my little effort!

It was written primarily for some high net worth individuals who expressed an interest through an associate of mine.

If anyone here is interested in seeing the piece or knows any serious investors who might want to know a bit more information about the company for their own researches, please send a PM with name and email address and I’ll send a PDF of it to you.

As I state on the document, this is not intended for wide distribution, is not for commercial purposes nor any recommendation to invest. Lest we all forget that this is still a high risk investment with plenty of challenges ahead for the management!

Posted at 27/5/2020 08:26 by landy90
Comments from Shore Capital this morning:
Trading Comments - AOR

AORTECH INTERNATIONAL+ (AOR, House Stock, 105p) US patent granted/animal trials on grafts to begin
AorTech has this morning announced that the United States Patent and Trademark Office has notified it that will issue a new patent in relation to its ElastEon technology. The invention relates to the process of manufacture of biomaterials for use in implantable medical devices including polymeric heart valves. We are encouraged by this development as AorTech looks to extend the life and range of its intellectual property protection. We also view positively the news that AorTech expects to commence animal testing on the ElastEon sealed graft in the coming weeks, which is at an earlier stage than we had anticipated at the time of the trading update on 12 May 2020.
Our comment on the recent trading update flagged that we intend to publish a more detailed note on the likely implications of the RUA acquisition with updated forecasts at the time of the final results scheduled for July 2020. At that stage, we now also intend to set out a timeline of the potential significant milestones that will be achieved over the coming 12-18 months. HOUSE STOCK

Posted at 22/5/2020 09:36 by someuwin
I'm more interested in the options vesting criteria...

1. 20 per cent of the Options granted vest after 3 years.

2. 30 per cent upon the Group receiving either CE Marking or FDA approval for one of its devices in development.

3. The balance of 50 per cent on the Company's share price being at least GBP3.00 per share for ten consecutive trading days.

...These options (with an exercise price of 92.5p) were granted in December last year so they had good visibility of progress and must have been confident that they will achieve these targets.

Which will come first I wonder? CE marking / FDA approval or share price of £3. My guess it that when we get the former, the latter will be well in excess of £3.

Posted at 15/3/2020 21:22 by bones
I have been reviewing once more the recent research note by Equity Development (that attributed a valuation of 676p to AOR) and the recent RNS outlining the proposed acquisition of RUA Medical and subsequent reorganisation of the group into divisional subsidiaries (all very sensible in my book).

It is always easy to read too much into things written but small paragraphs that jump out to me question their meanings or intentions to inform. In particular, in the ED research note, under the section on the Heart Valve division, there is this observation:

”We understand that AorTech has been in dialogue with potential licensors of its heart valve in order to use trial providers, designs and models that large medical device companies regard as validation for this type of product.”

I note that this refers to using trial providers etc that have the blessing of the potential licensor majors which suggests some kind of licensing interaction before trials happen whereas I was thinking that majors would not be interested in any licensing before some kind of trial results had already been obtained. I dare say it is more subtle than this in reality but I go by what I read in the note.

To enable such a thing to happen, it would be necessary to untangle all of the historic IP, patents and whatnot relating to the heart valve from everything else “Elast-EonR21;-related in the Aortech group, hitherto scrambled up in the one company, Aortech International plc.

Then we have the new RUA proposals, amongst which is the intention to divisionalise all aspects of the previously tangled-up parts of Aortech, soon to be RUA Life Sciences plc. One part of the new structure will be the creation of “RUA Structural Heart”.

An excerpt from The Chairman’s Letter dated 11th March 2020 says:

”Following Completion, AorTech Heart Valve Technologies Limited, a non-trading subsidiary of AorTech, will change its name to RUA Structural Heart and it is planned that it will hold the intellectual property relating to the Company’s synthetic heart valve.”

This would ensure that the ducks are organised into the correct row in the event that the “understandings” expressed in the Equity Development research note ever come to pass.

I guess we will see in time!

Posted at 19/2/2020 08:51 by edmonda
Detailed 16 page initiation from Dr Andy Smith at Equity Development , freely available here :[ID]&d=%3D%3DQM5YjM

After many years in the making, AorTech is now in the right place at the right time – as demonstrated by the many historical transactions that have taken place in the heart
valve and graft space – for the company to generate significant value. Our sum of the
parts valuation for AorTech suggests that there could be much further to run than in the share price appreciation in the last year as this value becomes recognised.
We value AorTech at £99.2m or 676p per share.

Posted at 14/1/2020 14:41 by bones
In the absence of any price action, it is worth (I find) keeping an eye on the general markets since, obviously, if we are entering a friendly market for smaller stocks, then we can expect individual shares to follow the general trend in the absence of specific drivers.

I look at the FTSE AIM All-Share index from time to time since that is a solid indicator of sentiment in smaller AIM stocks. AOR has been volatile over the last two years but part of that action can be attributed to the sentiment governing the AIM All-Share.


In Jan 2016, it bottomed at under 700, partly because it contains a good number of O&G and the oil price had cratered by that date. However, by summer 2018, the index had hit 1100 (up 65%) after a long bull market in overall shares. Yet, from the end of Sep 2018 to Dec 2018, the AIM All-Share crashed to 850 in the space of three months. Since then, it recovered mildly to 970 and fell back again to 850 but is now back to 965 on an upward trend. If it breaks through, chartists may argue that the 2018 peak of 1100 is its next stop.

If you compare AOR’s movement since the fund raise in June 2018 to the AIM All-Share, you will get a better picture of why the stock has moved up and down so violently. The crucial thing for me is that AOR has now surpassed its 2018 highs whereas the AIM All-Share has 15% to go before catching its previous peak of 1100.

The outperformance of AOR can be attributed to its improving work on the device developments but has it really received anything like the credit it should for what has been achieved since 2018? I personally think not!

I hope the positive AIM All-Share trend will translate into a magnified out-performance by AOR as its success will hopefully be recognised while new investors looking to board the bull market may also pick up the shares.

Posted at 06/1/2020 15:09 by someuwin
SP Angel today...

AorTech International plc (AOR.L): Heart valve development update

Share Price: 102p; Market Capitalisation: £15m

•AorTech International plc (AorTech), a medical devices business, issued an update on its polymeric heart valve development programme.

•The Group indicated that the product’s design for manufacture project has determined that certain production limitations can be overcome by an alternative manufacturing process.

•As a result, the Company has now committed to the design and manufacture of bespoke equipment upon which proof of concept prototype valves will be produced.

•The specialist equipment has also been designed to allow valve production to be industrialised going forward.

•The Company indicated that the novel manufacturing method may also lead to the creation of new intellectual property for the Business.

AorTech’s commitment to a manufacturing process for its flagship heart valve programme demonstrates further progress in the product’s development. Moreover, the company continues to run the programme in a cost-effective manner, as a portion of the costs incurred are being financed through a grant from Scottish Enterprise.

Aortech share price data is direct from the London Stock Exchange
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