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RUA Rua Life Sciences Plc

10.10
-0.60 (-5.61%)
21 Feb 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Rua Life Sciences Plc RUA London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.60 -5.61% 10.10 14:53:49
Open Price Low Price High Price Close Price Previous Close
10.70 10.00 10.70 10.10 10.70
more quote information »
Industry Sector
HEALTH CARE EQUIPMENT & SERVICES

Rua Life Sciences RUA Dividends History

No dividends issued between 21 Feb 2014 and 21 Feb 2024

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Posted at 02/1/2024 14:26 by edmonda
Investor Presentation video recording (Interim Results) - 19th December 2023

Bill Brown (Chairman) and Lachlan Smith (Chief Financial Officer) of RUA Life Sciences hosted an online presentation for investors. The team covered highlights of their Interim Results (to 30th September) and the successful fund raise announced after period end.

Management discussed the shorter-term commercialisation opportunities present in RUA Structural Heart and RUA Contract Manufacture, and how the agreed regulatory pathway enables engagement with potential partners to facilitate the commercialisation of RUA Vascular. The team also answered a range of questions from viewers.

The full video is available below, divided into chapters:
0:00:11 Introduction to RUA Life Sciences
0:01:13 Financial overview (Interim Results)
0:06:01 Segmental analysis
0:07:03 Portfolio Businesses
0:08:34 What is Elast-Eon™?
0:11:17 Contract Manufacturing
0:14:25 Structural Heart
0:24:32 Vascular
0:29:06 Portfolio Management & Summary (including completed fund raise)
0:32:32 Questions & Answers

Link to watch presentation:
Posted at 01/12/2023 12:46 by edmonda
"Fundraising looks well supported" - new note here:

RUA have announced, subject to shareholder approval at a General Meeting, the intention to raise equity via the combination of an institutional placing of shares, a subscription by certain directors and a retail offer. While the minimum gross proceeds are expected to be at least £4.1m, the full amount raised will be fluid until after the retail offer and shareholder approval. The final proceeds raised should be known after the outcome of the Retail Offer is announced on 8 December, and shareholder vote then comes at the General Meeting on 18 December when we will update our financials and model.

As well as having revenue-generating divisions, RUA’s Structural Heart and Vascular divisions have products in late-stage development and its recent strategy update noted that these will be developed with partners. While partnering greatly reduces RUA’s cash burn in FY 2024 and beyond, the fundraising also eliminates a potential weakness in the size of the upfront payments, royalties and milestones for those deals. This is because before a successful fundraising, potential partners could attempt to offer less, and defer more. After a successful fundraising, RUA should be able to demand better terms from its potential partners.

For now, our valuation is unchanged at £120.3m or 542p per share, but we will update our financials and valuation after the completion of the fundraising and RUA’s interim results on the same day.
Posted at 29/11/2023 10:10 by edmonda
Trading Update - note out from Equity Development here:

RUA released a trading update ahead of its December interim results announcement. In contrast to the previous year, revenues have been weighted to the second half and while this has suppressed first half revenue growth, October’s and November’s revenues have largely caught up to align with management’s budget expectations.

RUA’s recent strategy update and its trading update have several common themes. The reliance on partnerships to fund the development of RUA’s products in RUA Structural Heart and RUA Vascular should reduce R&D and Admin expenditure and conserve cash to provide a pathway for the Group to reach profitability. The continued emphasis on tight resource control is expected to help with this objective.

Our valuation is unchanged at £120.3m or 542p per share.
Posted at 24/11/2023 11:01 by drradcliffe
What's interesting is Equity Development weren't expecting a trading update. They seemed to think the 20/11/23 Strategy Update replaced a trading update.

From their note 21/11/23:

"Strategy Update In place of the trading statement which is usually released at this time of year, and ahead of RUA Life Sciences’ interim results, RUA has released a more material - and very well-received - strategy update."

"Sticking to its objectives In place of a trading statement that updates investors on the progress of its revenue-generating businesses and its products in development, RUA’s strategy update has been well-received by investors because it outlines the path of the business to greater and earlier revenues than we had expected in RUA Contract Manufacture and RUA Structural Heart. The strategy also lowers the risks for investors compared to funding the development of RUA’s products solely by an equity offering, at a time where life science markets are depressed and the potential dilution punitive."

Does this mean the market itself wasn't expecting this trading update?

I wonder whether it was a very recent decision to do this in order to stabilise the share price, and specifically on a Friday morning to get rid of the short term traders?

If you are going to arrange a small placing, the last thing you want is a highly volatile share price.
Posted at 21/11/2023 10:19 by edmonda
Strategy Update, sticking to its objectives - new note from Equity Development (link here:

In place of the trading statement which is usually released at this time of year, and ahead of RUA Life Sciences’ interim results, RUA has released a more material - and very well-received - strategy update.

In place of a trading statement that updates investors on the progress of its revenue-generating businesses and its products in development, RUA’s strategy update has been well-received by investors because it outlines the path of the business to greater and earlier revenues than we had expected in RUA Contract Manufacture and RUA Structural Heart. The strategy also lowers the risks for investors compared to funding the development of RUA’s products solely by an equity offering, at a time where life science markets are depressed and the potential dilution punitive.

RUA Contract Manufacture, the contract manufacturer of medical devices using implantable fabrics with a biocompatible Elast-Eon coating, is responding to a formal bid request that could result in around £2m in revenues, with much of that recuring on an annual basis. Thus, RUA’s board’s objective of doubling the scale of the contract manufacturing business in the medium term is on track.
Posted at 13/11/2023 13:00 by langland
A few observations with regard to the heart valve project (HV)---

As a small shareholder from about 12 years ago I do not remember such positive comments or results from the HV beginning with the results announcement in July followed by the AGM statement. The latter is reproduced here for ease of reference--

'RUA Structural Heart, which has been undertaking research and development activities into the creation of a polymeric heart valve, has made an outstanding breakthrough in the development of a synthetic leaflet material for the manufacture of heart valves. As well as demonstrating that it has the flexibility to perform as a heart valve leaflet, our new composite material has now achieved the important milestone of completing 400 million cycles (equivalent to 10 years in man and twice regulatory requirements) of fatigue testing. As at the time of the release of the Group's annual report, only 200 million cycles had been completed. The blood contacting properties of Elast-Eon, combined with the flexibility, durability and mechanical properties of the composite, mean that the new composite may well be suitable to be used in valve designs that are currently in the market. As such, the route to commercialisation for the RUA composite is no longer dependant on developing and testing our own valve design but could be more near term by making the composite available to other manufacturers. Having been approached, we have recently agreed to provide a major player with material for evaluation to initially confirm some of our in-house test results.'

In addition to this we have had the benefit of bones's debrief from the AGM itself which again is reproduced for ease of ref.

'Heart valve

The internal excitement about the leaflet material that has been created is palpable. John Ely (the ex-FDA NED who has brought several HV’s to market himself) explained in somewhat technical terms about the huge additional market that would open up to the four main players in heart valves if they could make TAVI valves with a material that is markedly thinner yet stronger than existing technologies. It seems it can be produced to only 90 microns wide, which is much thinner than current technologies, yet the material comprises textiles and Elast-Eon bound almost as one, seemingly almost unbreakable which is a major advance in avoiding stress tears and cracks.

It would enable them to make smaller valves that would suffer less stress when compressed for delivery via the artery. They would also no longer have to rely on a limited source of supply of gelatin (which could disappear with a bovine virus outbreak in the outback!) and the patient population would expand with the longer durability of the material.

The company is finalising a broad patent application and hopes to submit it this week. Hopefully they receive acceptance in a few weeks then they will supply a basic sample of the material to one of the majors that has asked for it. Although this initial sample supply is not for payment, no IP data about the product is being released. Once the major wants to take it to the next step, then it gets more commercial. That is my understanding of what I heard.

To put this all in context the TAVI market was forecast to grow to over 300k procedures by 2025. If Rua's new leaflet material is adopted, this by itself could increase the size of the market because the size of the implant would be that much smaller and thus lend itself to those people who are too frail or old to have either open heart surgery or current type of TAVI.

Edwards and Medtronic (mkt caps of $39bn and £90bn respectively) are the market leaders and their heart valves command prices in the $35k-$40k range. Hopefully, it is one of them to whom RUA refers in the AGM statement. Polymeric heart valves have already been allowed in man (Foldax) so RUA's HV or leaflets may well see a faster route to market in the hands of one of the majors - as mentioned in the AGM statement. If the HV cam pass muster, the numbers are staggering for a company the size of RUA. We could see an up front licensing payment followed by a royalty stream of say 5% (or $2000) for each valve implanted. Based upon an extremely modest use of 5k implants per annum the income would be $10mn. The alternative, and more likely in my opinion, is for the sale of the HV company lock, stock and leaflet.

This may all seem blue sky but the developments of the last few months have far surpassed anything I have seen before.

Understandably, the market has overlooked or ignored all of the foregoing in the last few months. The next update is going to be important for all sorts of reasons but I am hoping we will see further development progress in respect of the HV.
Posted at 22/8/2023 15:26 by edmonda
Positive AGM Statement & Trading Update - new research report here:

RUA Life Sciences’ AGM statement provided tangible progress on its heart valve and vascular graft products, detail on revenue expectations and reassuring cost control since its FY 2023 results announcement. Our valuation remains at £120.3m (542p per share).

RUA Contract Manufacture has announced progress with a customer funded project that assuming success, is anticipated will convert into a supply contract. This would appear to be a new customer and is in addition to building on this relationship with other customers help add to the confidence held by management that the Contract Manufacture business can double in scale.

The AGM statement also points to the group’s revenues meeting the Board’s expectations, the tight control over cash – which is ahead of management’s budget – and the positive indication of expansion in scope of a license that may double over time after this extension of an existing license.

Developments in RUA Vascular have continued with the regulatory progress and preparation for the clinical trials of its vascular graft product noted in the AGM statement, however a new shorter term revenue opportunity has been reported of the first commercial OEM sales for testing.

The upbeat narrative on RUA Structural Heart continues. RUA’s AGM statement refers to the now-completed 400 million cycle milestone, equivalent to 10 years in man and double the regulatory requirement for its composite (Elast-Eon and textile) heart valve. Its significant performance attributes could make RUA’s leaflet material an attractive slot-in for the heart valve scaffolds of other manufactures. This is the second company reference to the use of RUA’s composite Elast-Eon-coated leaflets in heart valves currently on the market. As a potential OEM supplier to other heart valve manufacturers, the AGM statement notes an approach by such a manufacturer who will conduct an evaluation.
Posted at 26/7/2023 06:24 by buywell3
The_Real_Mr_Big26 Jul '23 - 07:11 - 2877 of 2879 ------ did you not read

" The Board has concluded that further financing is required and has taken advice from the Company's Nomad and Broker on the current state of the equity market and the chances of a successful fundraise."


Hence --- Cash Raise Cometh methinketh


See

2, Going concern



The Board has to consider that the Going Concern principle is appropriate for the preparation of these accounts. At 31 March 2023, the Group had cash and cash equivalents of £1.48m (2022: £2.96m) and, as at the date of signing these Financial Statements, the cash balance was £0.9m.



RUA Life Sciences has two cash-generative units (RUA Biomaterials and RUA Contract Manufacture). These cash-generating units provide a healthy Gross Margin (89% and 49%), and contributions to Group operating loss were £493,000 and £794,000. The Group has two cash-consuming units (RUA Vascular and RUA Structural Heart), and both these units require further investment before commercialisation and cash generation can be achieved. The investment will chiefly be for a GLP animal study and Human Clinical Trials for RUA Vascular. The Board anticipates the requirement for additional funding over the course of the financial year as the internal cash generation will not cover the additional investment required.



The Board has considered the current cash position, reviewed budgets and profit and cash flow forecasts over the going concern period (to October 2024) along with sensitivity analyses and made appropriate enquiries. The Board has concluded that further financing is required and has taken advice from the Company's Nomad and Broker on the current state of the equity market and the chances of a successful fundraise.









The_Real_Mr_Big26 Jul '23 - 07:11 - 2877 of 2879
0 1 0
Good update. Looks like we are managing OK. All the deramper crying about a cash raise for the last 2 years have been baseless. There's definitely one coming at some point, looking at burn vs cash in hand right now, but it even looks like we have a few months to get the best possible deal on it.










buywell3 - 23 Aug 2022 - 22:59:34 - 2270 of 2880 RUA Life Sciences - Elast-Eon Enabled MedTech - RUA

The opportune share price for a cash raise might imo have just been missed
Posted at 25/6/2023 13:50 by bones
IN VIVO ANIMAL TRIAL FOR VASCULAR GRAFT

In the interim results statement dated 12th December 2022, the following was stated in regard to the initial “in vivo” animal trials which we were told would be measuring the healing process of the implanted grafts at 1, 3 and 6 month intervals, as required by the FDA.

”While the preliminary in vivo work is currently underway, we continue to assess the best time to start the clinical trial. RUA will advise in more detail on the expected costs and revised timescales in due course but in the meantime is actively exploring opportunities to finance at least part of the clinical stages through non-dilutive funding routes and grant finance.”

The implication then is that, for the earlier implantations in this current in vivo work, the six months will already have been reached. Possibly some of the animal work will have continued as more of them are implanted with grafts for this trial. In the previous in vivo trial in 2021, RUA used 12 animals (9 sheep implanted with RUA grafts and 3 with the control graft from Terumo). I suspect more would be needed this time so it could be ongoing for the later animals implanted.

Turning to the very recent trading update, we had this stated:

”As previously reported, RUA has been undertaking a "pre-sub" with the FDA and RUA is delighted to report that agreement has very recently been reached with the FDA on protocols for a GLP animal trial and a human clinical trial of the RUA vascular graft. This has been a lengthy process but felt to be worthwhile as it limits the risk of the FDA asking for additional information or testing after submission. During this period of discussion with the FDA, RUA has taken the opportunity to undertake additional development and testing on the graft range with a view to improving performance and maximising manufacturing yields. A detailed work plan has been prepared for the agreed testing regime and quotations received from third party test houses for the required work. The clinical study will involve around 120 patients and further details regarding the costings and timings of this work will be announced in due course.”

Taken at face value, this latest statement seems to be saying that the FDA has only just approved the structure of both the animal trial and the human trial. It also states that more work has been done refining and improving the grafts that RUA eventually want to market. This too suggests that the grafts to be tested ought to be the best ones RUA can produce.

This basically begs the question, what happened to the in vivo studies that were started in or before December 2022 and has that work now been consigned to the dustbin so that a new, improved, FDA-approved animal trial can now begin? Or, has that original work continued and morphed into the studies that will be presented to the FDA? If so, which version of the grafts went into the earlier animals seeing as the grafts have continued to be refined? Surely, in an official trial, the status of the grafts implanted have to be consistent throughout the animal and human trials?

It’s probably lost in the messaging, but it doesn’t entirely give clarity about where RUA currently is in the timeline on the in vivo work. They are not helping themselves or shareholders here!
Posted at 08/6/2023 13:22 by edmonda
FY2023 Trading Update - welcome regulatory and R&D progress (and divisional reorganisation)

Full details in our note published this morning:

Summary: RUA Life Sciences trading update included Group revenues and year-end cash position were modestly ahead of our estimates, with other figures mostly in-line.

The highlight of the trading update was the agreement with the FDA on the requirements for the GLP animal study and 120-patient clinical trial required to secure US approval of RUA’s vascular graft. It is clear that RUA is on a pathway to the US approval of its vascular graft which should not be a surprise. RUA Contract Manufacture and RUA Biomaterials both have US customers with approved products. The trading update also provided detail on RUA’s Structural Heart polymeric heart valve product, noting the high bar that heart valves need to reach in terms of their mechanical properties, durability and functionality. RUA’s composite heart valve appears to be meeting these milestones and the current design was proposed as one that could be supplied to other companies.

In a subsequent announcement, RUA provided the details of a reorganisation of the Group resulting in its key experimental product businesses – RUA Structural Heart Limited and RUA Vascular Limited – into stand-alone subsidiaries 100% owned by the Group. We applaud this move on a transparency basis which fits with the trading update’s reporting on the segmented sales and net profit margins of RUA’s revenue-generating businesses, RUA Biomaterials and RUA Contract Manufacture. We would caution investors not to jump to the conclusion that one or more of RUA’s segmented divisions could be divested despite the illustrative basis of our valuation being as whole-product acquisitions. Instead, as the timelines for the vascular graft and heart valve products are different, the hive down of the two businesses allows the value and risks of each to be appreciated and provides visibility on where any possible future fundraisings are invested.

We await RUA’s final FY 2023 results in mid-July to update our financials and valuation. For now, our valuation remains at £121.0m (545p per share).

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