RUA Life Sciences PLC Group Reorganisation (0046C)
2023年6月8日 - 3:00PM
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RNS Number : 0046C
RUA Life Sciences PLC
08 June 2023
8 June 2023
RUA Life Sciences Plc
("RUA Life Sciences", the "Company" or the "Group")
Group Reorganisation
Vascular and Structural Heart Businesses moved to stand alone
subsidiaries
RUA Life Sciences plc (AIM: RUA.L), the holding company of a
group of medical device businesses focused on the exploitation of
Elast-Eon(TM), the world leading long-term implantable biostable
polyurethane, is pleased to announce that the Company has completed
a reorganisation of its activities with the hive down of the
vascular graft business to RUA Vascular Limited (a 100% subsidiary
of the Company) and the hive down of the heart valve business to
RUA Structural Heart Limited (also a 100% subsidiary).
The activities of developing vascular grafts and polymeric heart
valves have been undertaken by RUA Life Sciences plc, with
reporting of these activities being on a divisional basis rather
than as operating subsidiaries. The introduction of segmental
reporting has highlighted the benefits in financial control of
separating the business units out from the parent's activities. The
time is now right to formalise the process which is anticipated to
bring further benefits including simplifying regulatory
transparency and increasing funding options for the Group.
The hive downs have included the transfer of all related
tangible and intangible assets (including intellectual property) of
the parent Company to each of RUA Vascular Limited and RUA
Structural Heart Limited. In addition, RUA Life Sciences plc will
recover the costs attributable to each of the vascular graft and
heart valve projects since 2018. Total attributed cost recovery for
RUA Vascular is GBP4.4 million and RUA Structural Heart is GBP3.1
million, which will remain as an intercompany debt. This will
result in RUA Life Sciences plc booking a one off trading profit of
some GBP7.5 million. This trading profit will appear in RUA Life
Sciences's individual company accounts but be eliminated on
consolidation of the group.
Bill Brown, Chairman of the Company, commented: " This
transaction is an important step in RUA's journey of exploiting the
clinical and commercial value of ElastEon. Two businesses have been
incubated within RUA each of which is building upon the platform
technology. By setting the businesses up as subsidiaries, it
increases transparency and allows a deeper understanding of the
value creation process. "
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0)1294 317073
Caroline Stretton, Group Managing Director Tel: +44 (0)1294 317073
Cenkos Securities plc (Nominated Adviser and Broker) Tel: +44
(0)20 7397 8900
Giles Balleny/Max Gould (Corporate Finance)
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(TM)'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-Eon(TM) 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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June 08, 2023 02:00 ET (06:00 GMT)
Rua Life Sciences (LSE:RUA)
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