RUA Life Sciences PLC AGM Statement and Trading Update

RNS Number : 6494B

RUA Life Sciences PLC

27 August 2024

 

RUA LIFE SCIENCES PLC

("RUA", the "Company" or the "Group")

AGM Statement and Trading Update

 

 

RUA Life Sciences (AIM: RUA), the medical device businesses focused on implantable textiles and the leading biostable polymer (Elast-Eon™), provides the following update for the four months to 31 July 2024 (the 'Period') to coincide with the Company's Annual General Meeting ("AGM") taking place later today.

 

Trading in the Period has started ahead of management expectations with total revenue of c.£800,000 and with firm orders on hand likely to result in total revenues for the half year to 30 September exceeding £1.2 million, compared to the £794,000 achieved for the same period last year. The Period benefited from a small part of the £400,000 project announced on 24 July 2024 and it is pleasing that this contract has now expanded to around £700,000 for the current financial year.

Costs remain tightly controlled and were significantly down on budget for the Period and the Board expects this, together with increased revenues, to lead to a much-reduced loss in comparison to the first half of last year.  The Company remains confident in achieving the market expectations for this financial year.

All the above-mentioned growth has been achieved within the Contract Manufacture business and growing the scale of this business remains of strategic importance. RUA is currently engaged in a number of potential developments which would add to growth in the short term.

The other two targets for the year: seeking a partner to finance the regulatory pathway for the vascular graft business and licensing AurTex™, our heart valve leaflet composite, are both ongoing.  As previously announced, the AurTex™ leaflet material has been tested by a potential partner and having concluded this initial stage further data is now being shared.  RUA will continue to update shareholders on progress made toward achieving the Company's targets for each business unit at the appropriate time.

Bill Brown, Group CEO commented "The exciting developments within the Group and Contract Manufacture in particular have been achieved through our reputation amongst customers of delivering quality product on time. We treat our customers as true partners and seek to react to their needs with agility. Growth is being driven by engaging with customers, understanding their problems and providing innovative solutions."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.

For further information contact:

RUA Life Sciences
Bill Brown, CEO	Tel: [phone]
Lachlan Smith, CFO	Tel: [phone]
Cavendish Capital Markets Limited
(Nominated Adviser and Broker)	Tel: [phone]
Giles Balleny/Dan Hodkinson (Corporate Finance)
Charlie Combe (Broking)
Michael Johnson (Sales)

 

 

About RUA Life Sciences

 

The RUA Life Sciences group was created in April 2020 when RUA Life Sciences Plc (formerly known as AorTech International Plc) acquired RUA Medical Devices Limited to create a fully formed medical device business. RUA Life Sciences is the holding company of the Group's four trading businesses, each exploiting the Group's patented polymer technology.

 

Our vision is to improve the lives of millions of patients by enabling medical devices with Elast-Eon^TM, the world's leading long-term implantable polyurethane. Whether it is licensing Elast-Eon^TM, manufacturing a device or component, or developing next generation medical devices, a RUA Life Sciences business is pursuing our vision.

 

Elast-Eon™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. With over 8 million implants and 15 years of successful clinical use, RUA's polymers are proven in long-term life enabling applications.

 

The Group's four business units are:

 

RUA Contract Manufacture:	End-to-end contract developer and manufacturer of medical devices and implantable fabric specialist.
RUA Biomaterials:	Licensor of Elast-EonTM polymers to the medical device industry.
RUA Vascular:	Commercialisation of open surgical vascular grafts and patches
RUA Structural Heart:	Development of polymeric leaflet systems for heart valves.

 

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