8th Jun 2023 14:25
RUA Life Sciences PLC - Glasgow-based medical technology holding company focused on exploiting long-term implantable biostable polyurethane Elast-Eon - Completes reorganisation through "hive down" of vascular graft business to RUA Vascular Ltd and of heart valve business to RUA Structural Heart Ltd, both wholly owned subsidiaries. Company says having introduced segmental reporting, it believes separating business units out from parent's activities will benefit its financial control. Has now decided "to formalise the process" which RUA Life Sciences says will simplify regulatory transparency and increase funding options, alongside other benefits. Reorganisation included the transfer of all related assets including intellectual property. RUA also will recover costs attributable of GBP4.4 million for RUA Vascular and GBP3.1 million for RUA Structural heart. This will remain as an inter-company debt, resulting in a one-off trading profit of around GBP7.5 million for RUA Life Sciences. Company's shares previously jumped up yesterday after it predicted strong annual revenue growth. Read More
