RUA Life Sciences PLC Trading Update (2130G)
14 Novembre 2022 - 8:00AM
UK Regulatory
TIDMRUA
RNS Number : 2130G
RUA Life Sciences PLC
14 November 2022
14 November 2022
RUA Life Sciences plc
("RUA", the "Company" or the "Group")
Half Year Trading Update
RUA Life Sciences (AIM: RUA), 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)), today provides an unaudited trading update for the
six-month period ended 30 September 2022, being the first half of
the 2023 financial year ("H1 2023").
The Group is pleased to report that trading in H1 2023 has been
strong with revenue ahead of the Board's expectations.
Revenue
Sales (including royalties) for the period increased to
GBP1,104k, representing year on year growth of 56% ( H1 2022 :
GBP708k).
-- Elast-Eon royalties for the period increased to GBP187k,
representing year on year growth of 20% ( H1 2022 : GBP156k).
-- Contract manufacturing revenues for the period increased to
GBP917k, representing year on year growth of 66% ( H1 2022 :
GBP552k), primarily reflecting increased sales volume in the
period.
Cash
The Group continues to tightly manage its resources with cash
and cash equivalents as at 30 September 2022 of GBP2.5m (as at 31
March 2022: GBP3m). In addition, during the six month period, a
R&D Tax Credit claim of GBP328k was submitted to HMRC and it is
anticipated that this sum will be received in the short term.
Loss for period
Group losses for the period reduced by 15% to GBP1.1m (H1 2022:
GBP1.3m).
R&D Activities
The key regulatory and clinical programs are making progress
with the focus being on progressing the FDA 510(k) pre-submission
of the Group's range of Elast-Eon sealed vascular grafts. The FDA
discussions to date have been constructive, with agreement on the
clinical endpoints and duration of the required clinical trial. The
last remaining outstanding point relates to statistical analysis,
with RUA's proposal based on the preferred FDA methodology
currently under consideration. We will update the market on the
details of the agreed regulatory process in due course.
Bill Brown, Chairman of RUA Life Sciences , stated : " Our
Biomaterials and Contract Manufacturing businesses have performed
very well over the period, which has further assisted in the tight
control of cash, resulting in a strong cash position at the end of
the half year. The outcomes of our discussions with the FDA have
been positive, if taking a little longer than we would prefer, and
I hope to be able to provide more details on the scale of the
required trial relatively soon."
The Group expects to announce its interim results on Monday 12th
December 2022.
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:
RUA Medical: 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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