AorTech International plc (AIM: AOR), the biomaterials IP and medical device development company, announces its audited final results for the year ended 31 March 2019.
· Transformational year: new Board in place executing an exciting, funded business plan
· Polymer IP business unit performing strongly: license fee and royalty income grew stongly increasing by 15% to £463k
· Year end cash balance: increased to £2,412k (2018: £422k)
· Medical device development business established: key partnership agreements signed for development of polymeric heart valves, vascular grafts and soft tissue patches
· Good progress made on R&D projects: design phase nearing completion and progression to prototype manufacture in current period
· Overheads remain tightly controlled: all R&D costs charged to profit
· Key milestones: expect to reach a number of key milestones in coming year