11th Dec 2020 17:21
RUA Life Sciences PLC - Ayrshire, Scotland-based medical device business - Reports widened interim loss and conditionally raises GBP6.0 million via a placing and subscription.
For six months to September 30, revenue rises to GBP631,000 from GBP299,000 a year ago, but pretax loss widens to GBP622,000 from GBP239,000. Administrative expenses rise to GBP1.2 million from GBP451,000.
"RUA Medical went around three months without receiving any orders and when they resumed, they trailed behind historic levels. It is very pleasing however that recent orders have resumed at pre-Covid levels and forward orders for delivery into the new calendar year appear to include an element of catch up for missed surgeries," RUA says.
Separately says it conditionally raised GBP6.0 million, and is proposing to raise up to additional GBP1.0 million via open offer at 120 pence per share.
Says proceeds to be used to fund the acceleration of the group's surgical heart valve through to human trials, accelerate development of its TAVI valve, scale up graft manufacture to meet anticipated demand and to allow further investment in capital equipment to assist in the scale up of the group's capacity.
Also says that Gordon Wright has resigned as a non-executive director.
"Gordon, who was the founder of the predecessor AorTech business, has decided to retire from the board now that the business has been re-established with an exciting future ahead of it," company says.
Current stock price: 135.00 pence
Year-to-date change: up 34%
By Lucy Heming;Â [email protected]
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