Business
Unaudited interim results to 30 September 2013
Unaudited interim results to 30 September 2013.
About this update from Rua Life Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 4851V AorTech International PLC 13 December 2013 \n\n \n \n \n \n \n \n \nAORTECH INTERNATIONAL PLC (\"Aortech\" or \"the Group\")\n \nUnaudited Interim Results\n \nFor the six months ended 30 September 2013\n \n \n \nCHAIRMAN'S STATEMENT\n \nI am pleased to be able to report on a period of considerable progress for the Group in our strategy of transitioning from a manufacturer of biostable polymers towards our goal of becoming a pure play Intellectual Property exploitation business. The results for the six months to September 2013 represent a period of transition and do not reflect the revenue potential nor the reduced cost base that we will have once the transition has been completed by the end of this financial year.\n \nResults for the Six Months to 30 September 2013\n \nDuring the period, Group revenue amounted to $336,000 which was a significant fall from the corresponding period last year, during which period the Group was still manufacturing material at the Rogers facility in Minneapolis, United States. The revenue achieved in the current period was a combination of the sale of inventory, production of materials from a smaller manufacturing operation and licence fees from customers. Over the period, our total overheads and development expenditure fell by almost 50% from just over $1.4 million to $740,000. The loss for the period was reduced by more than half to $720,000 from $1.5 million. Our cash position at the end of September 2013 stood at $1,023,000, up from the position at the year end and more importantly significantly higher than the $295,000 at September 2012.\n \nBiomerics, LLC Manufacturing Licence\n \nOne of the key objectives of your Board during 2013 has been to ensure that we are in a position to benefit from developments being carried out by existing licensees and to assure their ongoing supply of polymer as well as creating a model for bringing our polymers to a much wider medical market. For this reason, we were delighted to announce on 1 October 2013 a licence with Biomerics for the manufacture and distribution of our patented materials. We are currently undertaking a process of transferring our manufacturing process to Biomerics and once this process has been validated Biomerics will supp...