17th Jul 2019 10:59
(Alliance News) - Shares in AorTech International PLC fell sharply Wednesday after annual losses deepened amid surging administration costs, despite the firm hailing a "transformational" year for the new strategy of the company.
Shares in medical devices intellectual property firm AorTech were 11% lower at 52.00 pence in London on Wednesday.
For the year ended March, pretax loss deepened to GBP609,000 from GBP34,000 the year prior. This was despite revenue rising to GBP463,000 from GBP404,000 the year before.
Profit performance was hurt by administrative expenses almost doubling to GBP841,000 from GBP474,000 the year prior.
"The past year has been transformational for AorTech," Executive Chair Bill Brown said. "In addition to continuing to exploit AorTech's intellectual property related to the world class biomaterial, Elast-Eon, we are now looking to use this material in a number of medical devices of our own design."
"Elast-Eon has first class long term blood contacting properties and, as a result, all of the initial products being developed are for the cardiovascular field," Brown added. "Each device is being designed to have improved clinical outcomes over current device technology but allowing procedures to remain the same, therefore avoiding the need to retrain surgeons in new ways of operating."
"Progress has been good over the past year with no change in our expectations of the timelines to having products ready for seeking regulatory approval," Brown continued. "I expect the current year to reach a number of milestones in the development of the polymeric heart valve, tissue patches and the large bore vascular grafts with the planning, product design and preparation for manufacturing allowing prototypes to be manufactured and trials commencing."
Related Shares:
AOR.L