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RUA Life Sciences reports larger loss but eyes key milestones ahead

Published: 08:36 13 Jul 2020 BST

RUA Life Sciences -

RUA Life Sciences PLC (LON:RUA), the renamed Aortech, reported its first results after the completion of its medical devices arm, with larger losses as it focuses on developing its product range.  

The AIM-listed group now has four operating divisions after the acquisition of RUA Medical Devices in April, which left £1.51mln of cash in the bank as of last week, down from £2mln at the March 31 year end.

READ: AorTech chairman eyes a potentially transformational 12 to 18 months

During the past year revenues grew 5.6% to £489,000, but research and increased development costs led to a loss for the year rising 34% to £816,000. 

Overheads are “tightly controlled” the company said, with all R&D costs expensed to the profit and loss account and the £81,000 of R&D tax credit receipts received is expected to be increased in the current year.

Bill Brown, chairman of RUA Life Sciences, said: “A huge amount has been accomplished by the company and its partners over the last two years in building the foundations for a range of transformational cardiovascular devices. 

“With the recent acquisition of RUA Medical, the group now has all of the elements in-house to continue the progress made and anticipate meeting a number of key milestones over the next year."

Milestones include the reaching of ‘design freeze’ on vascular products within the next two months, with the same for structural heart projects expected before the end of the financial year, which will allow for full ISO testing to begin on both product areas prior to regulatory applications.

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