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% 84.50 314 01:00:00
Bid Price Offer Price High Price Low Price Open Price
83.00 86.00 84.50 84.50 84.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 0.46 -0.63 -4.72 14
Last Trade Time Trade Type Trade Size Trade Price Currency
09:10:28 O 314 83.50 GBX

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2020-04-08 15:10:5684.002,5002,100.00O
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2020-04-08 11:06:0586.001,148987.28O
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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 84.50p.
Aortech International Plc has a 4 week average price of 57.50p and a 12 week average price of 57.50p.
The 1 year high share price is 112.50p 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 40,910 shares. The market capitalisation of Aortech International Plc is £13,677,683.76.
bones: This merging of businesses under the Aortech umbrella makes a lot of sense and no surprise really. The two entities were clearly liking each other’s contributions to the respective businesses. It’s also pleasing to see the PLC board and senior management beefed up, especially separating the Executive Chairman and CEO roles. I think that is something the market should give more credit for, because (1) it provides better governance and (2) the new CEO also has a long history in the medical device industry and is an entrepreneurial and driven person (based on my meeting and talking with him at the AGM). He can take some of the pressure off Bill Brown’s shoulders and, between them, ramp up the promotion of the company on both the operational and investor sides. It is also good to bring some very profitable, ready made, business into the PLC group to provide immediate positive cash flow. Within the larger PLC set up, the proposition should also be more attractive to potential future customers, I would have thought. The PLC balance sheet will now also contain freehold property (which banks always like to see as solid security if required) and additional cash and retained profits already sitting in RUA’s balance sheet. Finally, I like the new proposed structure with a holding company holding separate divisions via subsidiaries. This enables clear distinction between divisions and ultimately separate assets/businesses that could be spun off or sold as they develop. Clearly, in the current bear market, ownership of even the Crown Jewels on a 2-for-1 basis would see the share price marked down!
bones: Talking of the 30% and 40% weightings given to the HV and Vascular businesses, if we are to assume 100% chance of success (hypothetically) instead, then the valuation would jump to around £18 per share (today less than £1). Taking it further, if you ignore the 12.5% discount rate assuming 5 and 4 years to possible exit valuations used in the model, then the valuation per share exceeds £30. Then consider that both of the businesses theoretically are technologically and environmentally superior (no animal by products used), there is an argument that successful exit price would be higher than the historical averages used in the model. So, whilst it can be argued that 676p is a “pie in the sky” value, it is nonetheless arrived at after some VERY conservative discounting for time to completion, uncertainty of satisfactory progress while not allowing for the value of technological advances. Wherever you position yourself on the risk curve, today’s ACTUAL share price of 90 pence seems, how you say, PRUDENT??
edmonda: Detailed 16 page initiation from Dr Andy Smith at Equity Development , freely available here :[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.
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.
someuwin: Options for the NED's (who are doing a fantastic job) Highly reasonable terms too... The exercise price of the Options is 92.5 pence per share, representing the mid-market closing price of an AorTech share on 29 November 2019, the business day preceding this announcement. The vesting terms of the Unapproved Share Option Scheme are in similar terms to those of the EMI Share Option Plan as summarised in Part IV of the Company's circular dated 22 May 2018 and approved by shareholders at the Company's general meeting on 8 June 2018. The key terms are that: 20 per cent of the Options granted vest after 3 years; 30 per cent upon the Group receiving either CE Marking or FDA approval for one of its devices in development; and the balance of 50 per cent on the Company's share price being at least GBP3.00 per share for ten consecutive trading days. As with the EMI Share Option Plan, if the Optionholder ceases to be a director of the Company after the relevant vesting date the Options lapse 90 days after cessation unless the Board resolves to allow exercise within that period.
bones: Thanks Landy. I have completed an excel spreadsheet that chronologically records every share issue ever done by Aortech since it floated in 1997. Maybe it is of historical interest but it does shine a light on the explosion of activity, hopes and hubris that took place in the early years with the share price (adjusted for the 2003 1-for-10 consolidation) over 1,000p at the height of the tech boom (March 2000). Maximum market cap at the time seems to have been around £300M. NB Today’s M Cap < £12M. From the initial £3.6M raised on flotation in 1997 (around 20% of shares in issue), a further £80M (yes, Eighty Million pounds) was raised. Most of this was before 2003. There was even a £64M proposed share financing in 2001 that was shouted down by investors and replaced by a much cheaper £20M one. A very long period of stasis and lawsuits followed until 2018 when the latest strategy was unveiled and £2.7M was raised. The fact that the most recent raise was dwarfed in value by what had gone before in the distant past speaks of the difference in market conditions and the difference between what can happen when a stock is hot property during a bull market with an enthusiastic following compared to now when a stock is under the radar, ignored and of no interest to general investors in a small cap bear market. Yet, over 60% of the current share count of 14.7M was issued during that last raise in 2018. Such is the penal price of raising money when under pressure. We can only fantasize about what valuation would be placed on AOR if the market conditions ever turn properly bullish and further solid progress toward manufacturing and approving the latest devices is achieved. If anyone would like a copy of the analysis, send me a PM.
bones: Continuing the theme, given how utterly huge and wide the Trough of Disillusionment has been, this logically can lead to an utterly huge and tall Slope of Enlightenment before arriving at an utterly high Plateau of Productivity. Stands to reason, non? Despite the change in shares in issue and a big share consolidation some years back, the equivalent peak share price at the height of the 2001 bubble was around £100. We are now less than 1/100 of that yet what AOR is potentially producing over the next few years (not discounting a possible buyout by a major) is the same thing but far more advanced than what was on offer previously. Clearly, AOR was way ahead of its time in 2001 hence the speculative nature of the buying of the share the first time, hence the Peak of Inflated Expectations then.
bones: Thankfully, the AOR board is not the type to attempt to hype the share price with fatuous RNS releases. It may well be that the industry chatter we are hearing of will do the bidding for us in the meantime! The Biomerics tweet is a case in point as well as the information exchanged among the industry leaders at the recent Lisbon event. Personally speaking, I would like to see the market re-rate the share price so that it reflects the promise and then we can have an update later when something of substance arises.
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!
bones: 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:// 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:// . 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:// - a medical textiles manufacturer, and a development contract with Vascular Flow Technologies - click here hTTp:// - 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:// hTTps:// 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:;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:// Video Interview with John McKenna, AOR director ( 6th December 2018): hTTp:// Interactive Investor website - Five AIM growth shares for your 2019 ISA ( 1st March 2019) hTTps:// "Scottish Business Insider" magazine 31st March 2020: Https:// INTRO VIDEO ABOUT AORTECH'S HEART VALVE Aortech acquired the original IP from CSIRO in the early 2000's - click this link hTTps:// 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. 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. EXTENSION TO AGREEMENT WITH RUA MEDICAL 21st JANUARY 2020 Excerpts: ”A number of opportunities have recently been identified where third-party medical device companies are looking for both a polymer and manufacturing solution to address current design problems.” “In order to satisfy these market requirements, the Company's agreement with RUA Medical has been extended to allow RUA Medical to offer device design and manufacturing services incorporating both Elast-Eon(TM) polymer and processing know-how to third party customers.” “Caroline Stretton, Chief Executive Officer of RUA Medical, said: "RUA Medical is delighted how the partnership with AorTech has developed and believes that RUA Medical is becoming a centre of excellence for the manufacture of Elast-Eon(TM) enabled devices and components. We look forward to working closely with the AorTech team to further expand the uses and opportunities for Elast-Eon(TM) ."” “Bill Brown, Chairman of AorTech, said: "I am delighted that AorTech has been able to extend and deepen its partnership with RUA Medical and the opportunities this will present. AorTech will be attending MD&M West next month alongside RUA Medical and I look forward to engaging with the device industry on the outstanding properties of Elast-Eon(TM)." HEART VALVE DEVELOPMENT UPDATE 6th JANUARY 2020 Excerpts: ”The design for manufacture project has been driven by a desire to eliminate both the design limitations and potential for defects of dip casting. The Company now believes that these limitations can be overcome by an alternative novel manufacturing process”. “Much of the novel method of manufacture identified may lead to the creation of valuable new intellectual property for the Company.” “...the Company....has now committed to the design and manufacture of the 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.” “AorTech is delighted to report that the costs to be incurred are being partly financed through it having secured grant aid from Scottish Enterprise.” “Bill Brown, Chairman of AorTech, said: "This investment demonstrates the growing confidence in both the design of, and the novel manufacturing process for, the polymeric heart valve and we wish to thank Scottish Enterprise for their help and assistance towards this project. Through the design phase, our team has significantly improved valve performance and we are now targeting step changes in consistency and quality."” GRANT OF OPTIONS 2nd DECEMBER 2019 Key terms: David Richmond - 120,000 Options; Geoff Berg - 120,000 Options; and John Ely - 120,000 Options. The exercise price of the Options is 92.5 pence per share, representing the mid-market closing price of an AorTech share on 29 November 2019, the business day preceding this announcement. The key terms are that: 20 per cent of the Options granted vest after 3 years; 30 per cent upon the Group receiving either CE Marking or FDA approval for one of its devices in development; and the balance of 50 per cent on the Company's share price being at least GBP3.00 per share for ten consecutive trading days. HALF YEAR REPORT 29th NOVEMBER 2019 Excerpts: "Progress over the past six months has been very positive. “The polymer business is performing well and an ambitious plan is in place to develop it further.” “The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations.“ “Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials.“ “We look forward to 2020 with both excitement and confidence." “....we look forward to a much higher level of promotion and marketing of Elast-Eon(TM), particularly focused on having Elast-Eon(TM) "designed into" products that will become "Elast-Eon(TM) Enabled".” “....we are delighted to have recently signed a very important licence agreement with Medibrane Limited, experts in encapsulation technology for medical devices but stents in particular. This licence is all about Medibrane designing Elast-Eon(TM) into devices and promoting the benefits to device manufacturers.&ldquo; “The recent pace of development of the large bore grafts and resulting prototype devices has been outstanding.” “We have little doubt that once we achieve regulatory approval for the grafts, there will be ready buyers for the devices, including significant OEM interest.“ “From a commercial perspective, the change in attitude and level of interest in alternative leaflet technology has been remarkable and we have recently had a number of very interesting discussions.” NEW LICENCE AGREEMENT 27th NOVEMBER 2019 Excerpts: “...AorTech International pleased to announce that it has entered into an IP licence agreement with Medibrane Limited ("Medibrane") allowing the use of Elast-Eon(TM) for encapsulation of medical devices.“ “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."“ TRADING UPDATE 11th OCTOBER 2019 Highlights: “ 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...” NOTE: To avoid cluttering up this header with older information, the earlier RNS updates from June 18 to June 19 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)
Aortech share price data is direct from the London Stock Exchange
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