11th Oct 2019 09:20
(Alliance News) - AorTech International PLC on Friday said it has identified additional income streams and is progressing on the development of its products.
The stock was 10% higher in early trade in London at 59.95 pence a share.
The medical devices developer said it is getting a licence income from its polymer portfolio which generates cash, but it is expending those resources by undertaking research & development on three novel medical devices.
AorTech said it has made a "major" progress in developing the heart valve and textile-based products with its partners in the first half ended September 30. Therefore, the company has decided to accelerate it recruitment plans and appointed Sarah Grant as project manager of New Product Development division.
Turning to the Textile Products unit, AorTech said its partner, RUA Medical, has recently completed the construction and fit out of two new clean rooms that will be used to manufacture AorTech's vascular grafts and soft tissue patches.
The company said trial manufacturing is currently being undertaken and the anticipated teething problems with the fabric research & development are being tackled as they arise with both the yarn and machine set.
In addition, AorTech said a novel coating technology has been identified and trialled. The company anticipates having crimped and coated prototypes in the next six to eight weeks.
The company said it will report its interim results at the end of November.
"Since implementing our strategy of transitioning AorTech to a medical device company, much effort was spent in laying the foundations to deliver life-changing medical devices," said Chair Bill Brown.
"With new cleanroom facilities having been completed at RUA Medical, trial manufacturing of the grafts is now underway," added Brown.
By Evelina Grecenko; [email protected]
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