AorTech International PLC – Trading Update

AorTech International PLC – Trading Update

AorTech International plc (AIM: AOR.L), the licensor of the world’s leading long-term implantable biostable polymer (Elast-EonTM) and developer of medical devices utilising the key properties of Elast-EonTM, is pleased to provide the following update for the six months ended 30 September 2019:

Highlights:

·     Cash at 30 September 2019 remains strong at £2.3 million (31 March 2019 – £2.4 million)

·     Project Manager recruited with part funding from Scottish Enterprise

·     Major improvements in heart valve design

·     Heart valve manufacturing planning well advanced

·     Clean rooms built and completed allowing graft manufacturing to commence

·     Confirmation of commercial opportunities from Medical Device industry

Bill Brown, Chairman of AorTech, commented: “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. These foundations are now being built upon and progress is strong; the latest design of the heart valve is a major step forward and, on some measurements, test results are two to three times better than from earlier designs.  With new cleanroom facilities having been completed at RUA Medical, trial manufacturing of the grafts is now underway. We have managed cash very carefully with the net cash burn over the six months to September 2019 being only £100,000.”

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