RUA Life Sciences, the holding company of a group of medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-EonTM), announces its audited final results for the year ended 31 March 2020.
· Transformation continues: driven by recent strategic acquisition of RUA Medical Devices Limited
· Polymer IP business unit performed strongly: licence fee and royalty income grew to £489k (2019: £463k)
· Year end cash balance: despite continued R&D spend, cash remained strong at £1,976k (2019: £2,412k). As at 7 July 2020, cash balance of £1,507k after incurring costs and initial cash consideration for the acquisition of RUA Medical Devices Limited
· Medical device development business progressing well: key milestones met in both Vascular and Structural Heart business units including pilot animal study on vascular grafts
· Overheads remain tightly controlled: all R&D costs charged to the Group's income statement
· Key milestones: expect to reach design freeze on Vascular products within the next two months and Structural Heart projects during the financial year allowing full regulatory testing to commence on both product areas
· Post-year end, completed strategic acquisition of RUA Medical Devices Limited and name changed to RUA Life Sciences plc creating a fully formed medical devices business with IP, people, production and products
Bill Brown, Chairman of RUA Life Sciences, commented: "A huge amount has been accomplished by the Company and its partners over the last two years in building the foundations for a range of transformational cardiovascular devices. With the recent acquisition of RUA Medical, the Group now has all of the elements in house to continue the progress made and anticipate meeting a number of key milestones over the next year."