Heart valve maker AorTech International plc is looking to the future after settling a legal wrangle with the former boss and raising US$3.4mln to fund the company’s new business plan.
In the in the results statement for the year ended March 31, it was disclosed the company received a net US$339,000 in litigation proceeds. The firm narrowed its operating loss to just US$44,000 (from US$237,000), though revenues fell to US$538,000 from US$614,000.
READ: AorTech soars as ‘higher quality revenues’ help it slash losses
“The company on which I report today has changed beyond all recognition from the AorTech I reported on last year,” said chairman Bill Brown.
“A year ago, AorTech was embroiled in litigation with its former chief executive and, as such, the focus of the company was on historic events.
“Resolving the litigation has allowed AorTech to switch focus to its very exciting future and the execution of a new business plan by a new team and partners.”