Business
AorTech Announces Half Yearly
AorTech Announces Half Yearly.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n RNS Number : 2771K Aortech International PLC 17 December 2008 \n \n17 December 2008\n\n\nAorTech International plc\nInterim Results for the six months ended 30 September 2008\n\nAorTech International plc (AIM: AOR) ('AorTech' or the 'Company'), the biomaterials and medical device development company, today announces its unaudited interim results for the six months ended 30 September 2008.\n\n\nOperational Highlights\n \n· First human use of Elast-Eon™ in pulmonary support cannulae in the UK, designed and manufactured by Avalon Laboratories \n· FDA approval granted to Avalon Laboratories for the general market release in the US of their catheter line of products made exclusively with Elast-Eon™\n· Technology license and material supply agreement signed with a leading manufacturer of a life-sustaining circulatory support system for the use of Elast-Eon™ in their long-term devices\n· A number of licensing agreements projected to enter the clinical phase during 2009/2010 at which point major lump sum milestone payments will be due \n \nFinancial Highlights\n \n· Turnover of £74,110 (H1 2007: £328,000, when a £300,000 up-front licence fee was received) \n· Key milestone payment received after period end\n· Loss after tax £1,198,865 (H1 2007 loss: £759,000)\n· As of 30 September 2008 cash reserves of £4.2 million\n \n\nJon Pither, Chairman of the Company, said:\n\n'There has been considerable progress made in the evaluation and testing of Elast-Eon™ in a range of medical device applications, by several health care companies. The Group's material is now being used and fully accepted in three human use applications and further devices with Elast-Eon™ are expected to come into use during the next two years. Although there are lengthy periods before substantial sums of royalty and licen...