AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, today announces its unaudited interim results for the six months ended 30 September 2019.
· 27% increase in Elast-Eon™ income to £299,000 (2018: £236,000)
· Continued investment in Research and Development activities
· 30% reduction in loss to £158,000 (2018: £225,000)
· Period end cash balance remains strong at £2,331,000 (31 March 2019: £2,412,145)
· New licence agreement with Medibrane allows expansion of Elast-Eon™ Enabled devices
· Outstanding progress in development of Elast-Eon™ sealed graft
· Continued improvements to Elast-Eon™ Heart Valve and commitment to manufacture expected soon
Bill Brown, Executive Chairman of AorTech, said:
"Progress over the past six months has been very positive. The polymer business is performing well and an ambitious plan is in place to develop it further. The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations. Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials. We look forward to 2020 with both excitement and confidence."