Business
AorTech Announces Interim Res
AorTech Announces Interim Res.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n RNS Number : 2426Y Aortech International PLC 20 December 2010 \n \n\nAorTech International Plc (\"AorTech\" or the \"Company\")\nInterim Results \n \nAorTech International Plc (AIM: AOR) the biomaterials and medical device development company, today announces its unaudited interim results for the six months ended 30 September 2010.\n \nCHAIRMAN'S STATEMENT\nI am pleased to report that during the first half of the Financial Year 2010/11, the AorTech Group has continued to achieve technical and commercial progress.\n \nFINANCIAL REVIEW\nDuring the six month period, Group revenue rose to £674,000 from the £191,000 recorded during the corresponding period of the previous Financial Year. Operating expenses for the half-year increased by 9% to £1.82m; this included £693,000 of development expenditure (H1 2009: £515,000) and £116,000 amortisation of intangible assets (H1 2009: £108,000). The loss after tax for the six months was £1.01m, a reduction of £364,000 against the £1.38m loss figure recorded during the corresponding period of the previous year. \n \nCURRENT OPERATIONS\nAn announcement by St. Jude Medical on 15 December 2010 informing doctors of its plan to phase out all other lead types other than those insulated with Optim™ (Elast-Eon™) on the basis of 44 months of clinical usage and a greater than 80% reduction in abrasion related failures is a powerful endorsement and validation of the superb clinical performance of AorTech polymers. More generally, our polymer business has continued to make commercial and technical progress with the increasing number of evaluations of our already widely-used polymer Elast-Eon™ and our new product, ECSil™. This has occurred through the addition of new customers such as Teleflex Incorporated who are expected to add significant volumes with their urologic catheter application, as regulatory approvals are granted and manufacturing lines scale up during 2011. Even more encouraging is the recent announcement of the first human use of our pacemaker / neurostimulation header technology. Our proprietary header technology is an important facet of our burgeoning component business which we see as having revenue potential several times greater than our base polymer business in the medium term.\n \nOur component business is leveraging the cl...