Business
Grant Funding for Subsidiary
Grant Funding for Subsidiary.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n \n \n RNS Number : 3975N\n AorTech International PLC\n 20 May 2020\n \n \n \n \n AorTech International plc\n \n \n (\"AorTech\", the \"Company\" or the \"Group\")\n \n \n Grant Funding for Subsidiary\n \n \n AorTech International plc (AIM: AOR.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\n \n \n TM\n \n \n ), is pleased to announce that its subsidiary, RUA Medical Devices Limited (\"RUA Medical\"), has successfully applied for, and been awarded, the maximum grant under a Scottish Government Covid-19 support scheme.\n \n \n The Pivotal Enterprise Resilience Fund (PERF)\n \n \n RUA Medical has received a total of £150,000 of Government grant support through the Pivotal Enterprise Resilience Fund administered by Scottish Enterprise. This grant will be used to support the working capital and ongoing business needs of RUA Medical.\n \n \n David Richmond, Group CEO of AorTech, stated\n : \"We are delighted to have been supported with this award of £150,000 through the Scottish Enterprise administered fund. As previously announced, order intake at RUA Medical has been impacted recently by the suspension of elective surgery in the US. We have been monitoring the position closely and note the resumption of elective surgery in the majority of US States and therefore anticipate orders from customers to resume in the weeks to come.\"\n \n \n For further information contact:\n \n \n \n \n \n AorTech International plc \n \n \n David Richmond, CEO Tel: +44 (0) 78 9999 6400 \n \n \n \n \n \n Shore Capital \n \n \n Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080\n \n \n \n \n \n \n About AorTech\n \n \n \n \n AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™, now manufactured on its behalf by Biomerics LLC in Utah, USA. Elast-Eon™ and ECSil™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed...