Aortech Share Price (AOR)

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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 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 0.46 -0.63 -4.72 20
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 126.50 GBX
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Aortech (AOR) Latest News

Aortech News

Date Time Source Headline
13/7/202007:00UKREGRUA Life Sciences PLC Final Results
06/7/202011:18UKREGRUA Life Sciences PLC Holding(s) in Company
03/7/202007:00UKREGRUA Life Sciences PLC Notice of Results
02/7/202007:00UKREGRUA Life Sciences PLC Completion of Property Purchase
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Aortech (AOR) Discussions and Chat

Aortech Forums and Chat

Date Time Title Posts
28/6/202012:18Aortech International – New Projects, New Partners, New Targets3,666
17/5/202011:01Aortech - Interesting Biomaterials Business. Market Cap All Cash4,730
03/7/201517:20Upwards1
19/1/200716:00Aortech with Charts & News6
07/4/200617:46Wakey Wakey! - Aortec in bid talks......70

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DateSubject
16/7/2020
09:20		Aortech Daily Update: Aortech International Plc is listed in the Health Care Equipment & Services sector of the London Stock Exchange with ticker AOR. The last closing price for Aortech was 126.50p.
Aortech International Plc has a 4 week average price of 0p and a 12 week average price of 67.50p.
The 1 year high share price is 132.50p while the 1 year low share price is currently 43.50p.
There are currently 16,186,608 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Aortech International Plc is £20,476,059.12.
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12/6/2020
09:32		bones: It is encouraging to see that Resonetics, the precision nitinol medical device parts makers are ploughing on with their expansion plans. httpS://resonetics.com/news/resonetics-completes-costa-rica-expansion/ 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); https://uk.advfn.com/stock-market/london/aortech-AOR/share-news/AorTech-International-PLC-New-Licence-Agreement/81235693 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! https://www.jpost.com/health-science/medibrane-ceo-new-technologies-to-treat-prevent-strokes-606096
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08/6/2020
17:48		bones: Thanks Landy90. They retain 690p valuation. Today’s share price 110p. Bull market anyone? ED note can be seen here: https://research.equitydevelopment.co.uk/hubfs/Research/RUA%20Medical/AorTech%20International%20plc%20%20%20%20%20%208%20June%202020.pdf
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08/6/2020
10:12		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!
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03/6/2020
11:37		greedy rooster: Underpins the mockery of the current share price. Take out values have tended to be 300-500m. 'What we have is substantially more disruptive'. Nice to be sat at £18.2m market value.
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22/5/2020
09:36		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.
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14/5/2020
11:53		greedy rooster: The update yesterday was excellent. The value added in terms of IP should not be overlooked. The whole process has required patience but they are approaching the projects in exactly the right way, ultimately smoothing the difficult path to regulatory approval. The share price suggests limited chance of success - the non-exec share options were entrepreneurial and align our interests. I think this looks really good.
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19/2/2020
08:51		edmonda: Detailed 16 page initiation from Dr Andy Smith at Equity Development , freely available here : https://www.equitydevelopment.co.uk/edreader/?ltkn=[ID]&d=%3D%3DQM5YjM Concludes: 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.
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06/1/2020
15:09		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.
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09/1/2019
20:19		bones: To pass the time, I've been doing a bit of digging in Companies House on a few companies of interest to me (not just AOR). I found an intriguing development on AOR, albeit purely administrative: As of last week, the Company Secretary role (which is a legally important appointed officer role that requires disclosure at Companies House) changed at Aortech International plc and its subsidiaries. The new Company Secretary is now a lady called Kathryn Full. She has one other Company Secretary role disclosed at Companies House and that is and remains Co Sec (since 2010) for Vascular Flow Technologies Ltd ("VFT"), the company that AOR has appointed to do all of its work on the heart valve development following the fund raising in June 18. The previous Co Secretary was based at the AOR Surrey HQ which makes me speculate that they might close those offices (?) seeing as they seem to have no geographical purpose now that all the action is in Scotland (and the USA where John Ely, the non-exec director and heart valve expert for AOR resides, as does Biomerics LLC, AOR's contract polymer manufacturer). VFT is essentially an R&D company these days. It makes very little turnover yet, over the years, has burned through £20M if I read the accounts correctly, some of it financed from offshore investors. There was a $10m financing round in 2016 which cleared out some previous investor loans. Clearly though, the cutting edge work they are doing on blood flow computer simulation (from which AOR hope to benefit) has massive potential. VFT's private shareholder structure seems convoluted, not surprising I guess. The investors there must be impressed as they keep topping up to finance the progress. Anyway, my interest has been piqued by this change of Co Sec at AOR. It seems to be somehow significant that they have taken on the person from their R&D partner, VFT which is independent in all other respects, with its own customers. Perhaps the thinking was simply the need to have someone based in Scotland and that this person came highly recommended. Perhaps it was a requirement of Scottish Enterprise to have Scottish officers and offices? Maybe there is more to the relationship going forward between AOR and VFT? I am merely thinking and speculating aloud but think it is of interest, especially as I have a decent-sized personal interest in the quoted shares of AOR and information is not readily made available as the share price shoots all over the shop!
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15/6/2018
23:49		bones: VIDEO INTERVIEW WITH BILL BROWN OF AORTECH INTERNATIONAL 28th MAY 2020 !YOUTUBEVIDEO:OwOfLot5zQ4: PRINTED INTERVIEW WITH BILL BROWN OF AORTECH INTERNATIONAL 3rd JUNE 2020 Https://www.proactiveinvestors.co.uk/companies/news/921036/aortech-chairman-eyes-a-potentially-transformational-12-to-18-months-921036.html "...Take-out values have been US$300-500mln“, he points out. “What we’ve got is substantially more disruptive.“ "It is a massive opportunity, which if we get it right, will be fantastic for our shareholders. But if we don’t get it right, we still have a valuable exciting business..." TRADING UPDATE 13th MAY 2020 Heart Valve Development Update In January, AorTech announced that it had committed investment in a novel method of manufacturing polymeric heart valves. In early April, the Company also announced good progress had been made with the tooling for this project. We are now delighted to announce that the manufacture of valves has been undertaken and early prototype valves are currently available for evaluation. The outcome of these manufacturing trials has far exceeded our initial expectations and the feasibility of the novel manufacturing concept has now been proven. The valve design and manufacturing method are both major improvements and the Board believes that the combination has produced one of the largest step changes in heart valve technology over the last 20 years. All of the limitations imposed by historic methods of dip casting valve leaflets, and the quality issues related to those designs and manufacturing methods, have been eliminated. AorTech has already engaged with its IP advisers to initiate the steps required to protect this valuable new Intellectual Property. Graft Development Update The team at RUA Medical has been working closely with members of the AorTech Board and progress has been made on the Elast-Eon (TM) coated large bore grafts. Further enhancements have been made to the Polyester fibre, the textile construction refined, and an automated coating process developed. These developments will allow the external graft surface to be coated with Elast-Eon (TM) polymer whilst retaining the mechanical performance, handling and suturing characteristics required by surgeons. As well as these encouraging developments, the RUA team has also developed a method of being able to manufacture a one-piece Elast-Eon (TM) polymer coated Aortic Root graft. Overall, graft developments are swiftly approaching the design freeze phase and animal trials are still anticipated to be undertaken during the second half of the year. ACQUISITION of RUA MEDICAL DEVICES LTD for £2.45M 1st APRIL 2020 Purchase consideration satisfied by: 1. GBP 525,000 in cash on completion; 2. GBP 425,000 in cash, deferred for up to 2 years; 3. GBP 1,500,000 in new issued shares in Aortech @ 100p per share. As a result of the new issue, David Richmond will become a 9.47% shareholder in Aortech and will be appointed CEO of the enlarged group. As soon as practical, the name of the company will be changed to RUA Life Sciences plc. INTRODUCTION AorTech International plc holds patents, know-how and trade secrets relating to a family of bio-compatible materials. A large range of polymers has been developed within the Elast-Eon(TM) family with different mechanical properties, such as hardness and elasticity. With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510ks, CE Marks, Australian TGA and Japanese Ministry of Health approvals. COMPANY WEBSITE: hTTps://www.aortech.net/ BACKGROUND After several years of under-performance, containing more than its fair share of failed strategies and legal disputes with customers, partners and an ex-CEO (settled amicably in December 2017 for an undisclosed sum paid to AOR), Aortech is finally clear for take off! A new strategy for the company, incorporating the benefits of its long held, valuable IP assets, has finally been revealed (in May 2018); new investors have been rounded up to join the patient ones and top personnel have been recruited. Fresh money is in the bank ready to exploit the new frontiers in cardiovascular medical devices and cosmetic implants. SOME STATS Market capitalisation (June 18) = GBP 6 MILLION Cash in bank (June 18) = GBP 3 MILLION Invested in current proven technology to date = GBP 60 MILLION (including GBP 30 MILLION in heart valve R&D) Partnered with Vascular Flow Technologies for their Spiral Laminar Flow (TM) blood flow technology - see htTps://vascular-flow.com/our-technology/ . VFT appear (from reading their accounts) to have invested GBP20M into this over several years, so AorTech is leveraging this R&D for a fraction of the cost. STRATEGY Aortech is now seeking to maximise value from its IP portfolio by developing certain products while maintaining what the directors believe to be a low cost/risk business model. As part of this strategy, the company is entering into a development and manufacturing agreement with RUA Medical - click here hTTp://www.ruamedical.com - a medical textiles manufacturer, and a development contract with Vascular Flow Technologies - click here hTTp://vascular-flow.com - a medical device development company. If successfully developed and approved by the relevant regulatory authorities, the company proposes to employ a lean sales and marketing strategy for its products, a distribution model to provide access to hospital markets and OEM sales of devices to other medical device companies. Initial product pipeline is to be: 1. Cardiovascular and soft tissue patches 2. Large bore grafts 3. Synthetic heart valve Three new non-executive directors have been recruited, two of whom are from the highest echelons of the cardiovascular world! John Ely (NED - Heart Valve Expert) Geoffrey Berg (NED - Cardiovascular Expert) See this RNS and Offer document for all the details about these products and new directors: hTTps://uk.advfn.com/stock-market/london/aortech-AOR/share-news/AorTech-International-PLC-Conditional-Placing-and/77473499 hTTps://www.aortech.net/wp-content/uploads/2018/05/249297-Project-Amplify-Circular-WEB.pdf RESEARCH NOTE 19th FEBRUARY 2020 = 676p VALUATION For full 17 page analysis of this research note by Andy Smith, a veteran of 3i plc, published by Equity Development, click on following link: https://www.equitydevelopment.co.uk/edreader/?ltkn=%5BID%5D&amp;d=%3D%3DQM5YjM Excerpt (bold and underlining emphasis is mine): ”In addition to the discounting and time aspects that reduce the value of the transactions more towards the stage of those businesses in AorTech, we have also applied a risk- adjustment to both transactions. This is to reflect the uncertainty of the transaction occurring and also some product-specific risk. That is why the risk adjustment is higher for the heart valve than the graft and patches since the heart valve is a more complicated medical device requiring more testing and a more stringent regulatory review (hence also, the greater time to exit). The existence of a similar, earlier-generation of polymeric heart valve from Foldax at the clinical implantation stage, may even suggest that this risk-adjustment is too high. Conclusion When we combine the implied sales multiple valuation of AorTech Royalty, the intrinsic risk-adjusted valuations of AorTech Vascular and AorTech Heart Valve to AorTech’s cash at the end of September 2019, we determine a valuation for the whole business of £99.2m or 676 pence per share. USEFUL EXTRACT FROM STOCKDALE BROKER NOTE OF 12th JUNE 2018 WITH 400p TARGET PRICE AORTECH IN THE PRESS Essential introduction here (Scottish Herald 7th July 2018): hTTp://www.heraldscotland.com/business_hq/16339604.heart-valve-pioneer-aortech-international-returns-to-its-scottish-roots/ Video Interview with John McKenna, AOR director (CTSNet.org 6th December 2018): hTTp://www.ctsnet.org/article/pioneers-cardiac-surgery-john-mckenna Interactive Investor website - Five AIM growth shares for your 2019 ISA (ii.co.uk 1st March 2019) hTTps://www.ii.co.uk/analysis-commentary/five-aim-growth-shares-your-2019-isa-ii507804 "Scottish Business Insider" magazine 31st March 2020: Https://www.insider.co.uk/news/aortech-resumes-production-part-covid-21784385 INTRO VIDEO ABOUT AORTECH'S HEART VALVE Aortech acquired the original IP from CSIRO in the early 2000's - click this link hTTps://csiropedia.csiro.au/elast-eon-biocompatible-polyurethane/. Now AOR is finally funded to complete stage one of the quest to commercialise the holy grail that is the synthetic heart valve. This video is the basic introduction to the technology (note the reference to Aortech in it). !YOUTUBEVIDEO:qfzXvuh2xxc: THE DISRUPTIVENESS OF POLYMER HEART VALVES To gain an idea of how AOR is standing on the cusp of a disruptive change to a huge industry, please refer to the following posts by Landy90 who has some knowledge of the cardiovascular industry: 2383, 2385, 2390, 2394, 2398, 2399 As always, BB posts are opinion only, so always do your own research! DIRECTOR EMI OPTIONS VEST WHEN SHARE PRICE REACHES 300p On page 46 of the Open Offer document (May 2018), the following is found: “As regards options to be granted to any Director, such options will vest as to 20 per cent. after the expiry of 3 years from the date of grant, 30 per cent. on the receipt by the Company of a CE Mark for any of its products and 50 per cent. on the closing middle market quotation of the Ordinary Shares, as derived from AIM Appendix to the Daily Official List of the London Stock Exchange, being at least GBP 3.00, being 10 times the Issue Price, for 10 consecutive days on which trading takes place on AIM.“ NOTE: To avoid cluttering up this header with older information, the earlier RNS updates from June 2018 to January 2020 have been transferred in full to post number 7. SIGNIFICANT SHAREHOLDERS ( > 3% ) AS AT 1st APRIL 2020 19.48% Walker Crips Stockbrokers (3,153,452) 9.47% Mr David Richmond (1,533,334) 5.41% Mr Clive Titcomb (875,000) 4.84% A J Bell Securities (782,838) 4.11% Mr JD Abell (665,308) 3.96% Mr Gordon Wright (641,645) 3.89% Hargreaves Lansdown Asset Management (630,367) 3.59% Charles Stanley (580,672) 3.34% Share Centre Investment Management (540,404) 3.13% Mr Bill Brown (506,649) 3.09% Halifax Share Dealing (499,882) 64.31% Sub Total 35.69% Shareholders < 3% 100.00% Total No longer on list = Miton Asset Management (862,071 shares all sold by Sep 19, I am reliably informed)
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