Shares of RUA Life Sciences (AIM:RUA) PLC surged 38% following a promising update on its business operations alongside the news that it is looking for non-dilutive sources of funding.
The company, which specialises in medical devices using Elast-Eon material, is making significant strides in its contract manufacture and structural heart divisions.
The former is targeting larger projects, with a potential £1.5 million revenue opportunity, aligning with its goal to double its business size, while the latter has achieved breakthroughs in heart valve materials, surpassing key industry standards.
RUA Vascular is preparing for US Food and Drug Administration (FDA) regulatory testing, having already secured its first commercial sale and a global distribution partnership.
In the update, the company said it is exploring "third-party funding" for clinical trials to avoid shareholder dilution. This strategic shift aims to reduce funding needs and accelerate RUA Life Sciences (AIM:RUA)' path to profitability and cash generation.
At 9.28 am, the shares were up 5.93p at 21.68p.