RUA Life Sciences PLC AGM Statement and Trading Update (9881J)
2023年8月22日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
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RNS Number : 9881J
RUA Life Sciences PLC
22 August 2023
22 August 2023
RUA Life Sciences plc
("RUA", the "Company" or the "Group")
AGM Statement and Trading Update
RUA Life Sciences plc (AIM: RUA.L), the holding company of a
group of medical device businesses focused on the exploitation of
the world's leading long-term implantable biostable polymer
(Elast-Eon (TM) ), is holding its Annual General Meeting ("AGM") at
11.00am today.
At the AGM, the Chairman, Bill Brown, will make the following
statement regarding current trading:
"Trading in the period to the end of July has seen group
revenues meeting the Board's expectations. We have continued to
manage expenditure prudently and all main cost lines are showing
positive variances to budget with overall costs 20% down on
management's expectations. As a result of the tight control over
expenditure and the positive trading, cash resources are also ahead
of management's budget.
There have continued to be positive developments in all parts of
the business which are summarised below:
RUA Contract Manufacture has made good progress with a customer
funded development project for an implantable textile component of
a currently marketed product. Assuming the project is a success, it
is anticipated it will convert into a long term supply agreement.
At a customer's request, we have also now supplied samples of
textiles and components for another range of devices that are part
of the customer's plans to de-risk supply chain issues by dual
sourcing. Dual sourcing is a developing industry theme, a reaction
to shocks to global supply chains during Covid, resulting in device
manufacturers now being prepared to undertake the expense of
validating second suppliers. We have had enquiries from other
potential customers for textile devices, strengthening our belief
of being able to double the scale of the business over the coming
years.
Revenues at RUA Biomaterials have been in line with expectations
with some positive indicators of shipments by Biomerics to new
customers within the mix. Additionally, we have agreed an extension
to one of our existing licenses that over time will allow a
doubling of the royalty potential from licensee.
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.
RUA Vascular , the business developing the vascular graft range
is now in the final stages of planning the pre-clinical and
clinical trials that have been agreed with the FDA under the pre
submission process. Quotations have been received and budgets
prepared with detailed timelines as well as other detailed planning
to allow testing to be undertaken as soon as funding allows. On
commercial activities, we have always expected the grafts to be
ideal for incorporation as components into other medical devices.
We are delighted that our promotional efforts are being effective
and we have now received a purchase order from a major company in
the sector for grafts to trial as part of their devices. Although
early stages, this first commercial sale of our graft devices is
the beginnings of an OEM business line."
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, Chairman Tel: +44 (0)1294 317073
Dr Caroline Stretton, Group MD 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:
RUAContract 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 Development of polymeric leaflet systems
Heart: for heart valves.
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