Share Name Share Symbol Market Type Share ISIN Share Description
Rua Life Sciences Plc LSE:RUA London Ordinary Share GB0033360586 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 37.25 9,900 08:00:00
Bid Price Offer Price High Price Low Price Open Price
35.50 39.00 37.25 37.25 37.25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 1.53 -1.59 -8.20 8
Last Trade Time Trade Type Trade Size Trade Price Currency
14:22:28 O 1,900 35.65 GBX

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Date Time Title Posts
24/6/202211:35RUA Life Sciences - Elast-Eon Enabled MedTech2,113

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Rua Life Sciences Daily Update: Rua Life Sciences Plc is listed in the Health Care Equipment & Services sector of the London Stock Exchange with ticker RUA. The last closing price for Rua Life Sciences was 37.25p.
Rua Life Sciences Plc has a 4 week average price of 35p and a 12 week average price of 35p.
The 1 year high share price is 167.50p while the 1 year low share price is currently 35p.
There are currently 22,184,797 shares in issue and the average daily traded volume is 48,382 shares. The market capitalisation of Rua Life Sciences Plc is £8,263,836.88.
bones: Hedgehog11, to quote the recent trading update: ”On a positive note, it was confirmed that RUA can still follow the 510(k) route to the US market, provided that supplementary clinical data are generated to support the Vascular Graft range. A clinical trial has now been designed to demonstrate the safety and efficacy of Elast-Eon as a graft sealant. The trial design has been submitted to the FDA in a further pre-submission to ensure alignment with the FDA's expectations. These discussions are expected to be completed by the third quarter of this year.” The share price was battered by news that a clinical trial was required but the above would suggest that, provided the trial is a success, the 510k route is accepted. It seems we are now at the stage of agreeing the finer points of the trial structure prior to it going ahead. The spectre of a PMA requirement seems to be absent from the tone of the update comments.
hedgehog11: Is the classification of the device a bit of a distraction. Class 2 requires more input but that is still a 510K route, human trials are already know and classification is based on risk. I think that it is obviously class 2. My concern is how much money will be needed to get approval and where will the shortfall come from, I'd say a low expectation (a large cost) is already priced in and the next test for Rua is the quality of their IP and ability to raise the money. Class 1&2 is 510K, Class 3 is PMA. Rua will already know the classification, so it causes suspicion that they haven't announced it unless they consider it too much detail for an RNS. I'd like it if RUA came up with some more detail though. Currently expecting to have to wait until the third quarter for anything meaningful.
aykon: Agree Bones that any doubts about funding are priced in and hence the share price is sitting in 40s. The other thing is not to confuse the funding required for the vascular graft clinical trial for FDA 510(k) approval versus the funding required for the structural heart valve which would be a much much bigger cost than the former. The previous poster also confuses the issue with regard to the fact that RUA are progressing 2 aortic valve designs in parallel:one with 100% polymer leaflet and one composite. The latter would be a safer bet as durability if fabric leaflets is already proven and Elasteon coating would improve their durability as well as possibly avoiding the need for anticoagulation post implant. There is no doubt that the structural heart valve project will require some sort of partnership with one of the “big players” to progress through in-vivo and in-vitro trials!
bones: These are all known doubts, not news. That’s why the share price is near 40p rather than the 140p it was near when the FDA view was first advised. The £10.2M market cap today represents all of the huge potential of the company’s IP and prospects very heavily discounted for all the risk out there on funding and execution. The bear argument is represented by the price you can buy at now. Easy to argue by how much and make an even worse case but to what end? The $30M quoted in that USA based opinion piece is opposed by those that say £3M is too high for the simple product that RUA are developing. Opinions, opinions…̷0;..
aykon: Agree Bones that the 510k delay does not justify such a destruction of the share price. However, Amati sell off has been the other major contributor that has decimated the share price and investor confidence. Also the uncertainty around how the additional work to obtain the clinical data required by the FDA will be funded. I personally don’t it will be as costly as someone implied in the past. It all depends on how many patients need to be enrolled, which will no doubt be confirmed in the near future since they hope to embark on this later this year. The current share price certainly offers attractive returns given what’s in the pipeline…especially the heart valves!
bones: Some weekend ponderings!: Since the high share price of 2021 (176p), the market cap has cratered by approximately £30,000,000 (-76%). £10M of that deflated along with the general sell off of small caps in the latter part of 2021. The price on the day before the RNS saying the FDA would not approve the 510k as submitted (13/12/21) was 134p. £20M loss of market cap is therefore the destruction since then albeit some of that can also be attributed to the general 2022 sell off affecting all high spec shares (as witness Nasdaq 20% decline since the new year). RUA market cap is now £9.5M. I would guesstimate therefore that the £30M destruction is about 50/50 1) market conditions 2) FDA fallout including the concomitant anxiety about future funding that followed it. The question for me is whether the damage caused by the 510k delay was worth a loss in value of £15M, leaving just £9M on the table to value all future potential cash flows less the risks apparent in getting there (or not as the case may be). There’s no straight answer to that but it’s all about opinions that decide whether there is a good investment case at these “low” levels.
edmonda: Trading update – the pandemic clouds disperse (new research report from Equity Development) RUA Life Sciences’ trading update illustrated both a recovery from the challenges of the pandemic faced by medical device companies which translated into increased revenues at RUA Medical Devices and increased investment in its vascular and heart valve products. RUA’s cash balance has decreased from £6,294k at the end of FY 2021 to £2,963k a year later but this was much higher than our previous FY 2022 estimate and we have aligned with the higher YE 2022 cash position in RUA’s trading update. While the delay to the launch of RUA Vascular’s products in the US and EU to 2025 may disappoint some, the generation of data that establishes the safety and efficacy of Elast-Eon as a graft sealant has a number of competitive advantages. Our valuation has been updated for RUA’s trading statement with the only change reflecting the cash consumption. This modestly decreased our valuation to £121.0m or 545p per share from £122.9m or 554p per share. Link to research report:
early not wrong: We can only speculate what is going on. The FDA are helping them design the clinical trial. The heart valve project must have further good news re testing the two alternatives and design freeze in the offing. A strategic investment by one of the big four heart valve players perhaps, or, maybe we're facing an offer. Question is, if the latter, what price would someone have to pay at this stage - multiple of current share price for the graft business let alone the heart valve tech platform and IP and progression. But is RUA in the right place to negotiate a hefty premium if they face a speculative approach? Makes you wonder why everything is so quiet - the share price is barely above the level when the graft project started, so lack of confidence and 'no good news' is current sentiment. I wonder how Dave Richmond feels about the slug of shares he received - he doesn't seem to be worried yet judging by holding disclosures. Time will tell.
bones: The recent 15 minute slot by Caroline Stretton at the Cenkos event seemed to divide opinion depending on one’s state of mind (pessimist or optimist?). So, for my own curiosity, I had a good listen again in detail, stopping and starting the video to see if I could detect anything amid the white noise. All that follows are my views only. Take from them what you will. Most of the talk appeared to be read from a prepared transcript so my first conclusion is that it will have been approved by all relevant board members; probably Bill Brown, Iain Anthony and Lachlan Smith at a minimum. I think the prepared script also allowed for the mention that “I can say that one of the key players in the heart valve market is actually visiting us today….” as Caroline appeared to read from her notes while saying it. To my mind, I don’t believe she would have slipped that out without approval even if it wasn’t especially unusual. It’s been made clear many times that they see and talk to these people regularly. However, I’m unsure about the ending of the comment with “…which is very exciting…̶1; and, after a pause, the throwaway comment “More news on that shortly”. Those sounded more like expressions of Caroline’s enthusiasm. About what exactly? If something has actually been documented and inked, then RNS it, but there’s no proof here that it has. Nonetheless, interesting! I could be over analysing but that is how I viewed it after several repeats of that bit! A lot else was covered so I will try to condense the key conclusions and observations I took from it. Fallout from FDA delay on Vascular The FDA requires a clinical trial, so this is a delay, not a failure. However, “lessons were learned” and actions taken, such as: - Not using third party advisers going forward - Addressing “inexperience in certain areas of the business” Caroline then emphasised her own appointment to MD in October and the appointments of Iain Anthony (Clinical Affairs) and Lachlan Smith (Finance), commenting that “the rest of the team” continue to bring a wealth of experience in the field of cardiovascular devices with world leading organisations”. Does that sound like a changing of the guard? “The rest of the team”? I get the impression that a lot of activity and soul-searching will have gone on since the FDA initial review findings and sparks have possibly flown. If there was complacency in situ before, I suspect it’s been booted out. Possibly, the new directors may be forces for good here. Caroline said of herself: “…track record in medical device innovation and achieving multi-million pound exits.” She said of the new directors: “…Iain Anthony and Lachlan Smith are playing key roles in developing a revised regulatory and clinical strategy and conducting detailed financial planning, which are essential for the group to become a fully-fledged manufacturer in its own right.” Also, she said: “Iain Anthony is absolutely critical in our strategy going forward and already he has brought huge value to the business.” Question from me: What was happening before the new directors arrived? The RUA business divisions All divisions are based on “Exploiting Elast-Eon as an Enabling Technology”. 1. RUA Biomaterials Strategy – grow royalties from sales of Elast-Eon; Continue to enhance the IP through R&D 2. RUA Medical Devices Strategy – transform business into “Elast-Eon Centre of Excellence”. Maximise sales from existing customers and ensure the group’s product portfolio is delivered upon. 3. RUA Vascular Strategy – seek for RUA Vascular to become a significant player in the surgical aortic graft market. Develop and commercialise a “vascular graft pipeline and maximise shareholder value by growing the business to achieve attractive levels of profitability.”; First product to market is to be aortic root graft. Planning a global launch now that a clinical trial will be aimed at Europe, US and Asia. RUA has received “substantial interest” in its vascular product range from major corporations (distributors and OEM’s) and discussions are all under non-disclosure agreements. 4. RUA Structural Heart Strategy – “Development and de-risking of the polymeric heart valve technology platform and licensing to a major corporation if valuations are attractive prior to launch. RUA has been mentioned at global cardiothoracic meetings during discussions on polymeric heart valves so, as Caroline stated: “We are positioning ourselves to disrupt the $8,000,000,000 surgical and TAVI heart valve market”. It sounds to me like licensing of the heart valve “technology platform” is possibly front and centre here. That’s about the main points for me.
coolhandfluke: Back in today in a small way (no money left)?. I wondered whether today's news story about a potential pig cull might give RUA share price a boost.
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