REG - RUA Life Sciences - AGM Statement and Trading Update

Rua Life SciencesAnnouncement

27/08/2024 07:00

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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: +44 (0)1294 317073
 Lachlan Smith, CFO                               Tel: +44 (0)1294 317073

 Cavendish Capital Markets Limited
 (Nominated Adviser and Broker)                   Tel: +44 (0)20 7220 0500
 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-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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