Grant Funding for Subsidiary

RNS Number : 3975N

AorTech International PLC

20 May 2020

 

AorTech International plc

("AorTech", the "Company" or the "Group")

Grant Funding for Subsidiary

AorTech International plc (AIM: AOR.L), 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-Eon ^TM ), is pleased to announce that its subsidiary, RUA Medical Devices Limited ("RUA Medical"), has successfully applied for, and been awarded, the maximum grant under a Scottish Government Covid-19 support scheme.

The Pivotal Enterprise Resilience Fund (PERF)

RUA Medical has received a total of £150,000 of Government grant support through the Pivotal Enterprise Resilience Fund administered by Scottish Enterprise. This grant will be used to support the working capital and ongoing business needs of RUA Medical.

David Richmond, Group CEO of AorTech, stated : "We are delighted to have been supported with this award of £150,000 through the Scottish Enterprise administered fund. As previously announced, order intake at RUA Medical has been impacted recently by the suspension of elective surgery in the US. We have been monitoring the position closely and note the resumption of elective surgery in the majority of US States and therefore anticipate orders from customers to resume in the weeks to come."

For further information contact:

AorTech International plc                                   

David Richmond, CEO Tel: [phone]   

Shore Capital 

Tom Griffiths/David Coaten                                Tel: [phone]

About AorTech  

AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™, now manufactured on its behalf by Biomerics LLC in Utah, USA. Elast-Eon™ and ECSil™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. With over 6 million implants and over 10 years of successful clinical use, AorTech polymers are proven in long term life enabling applications.

In addition to continuing to exploit AorTech's Intellectual Property related to the world class biomaterial - Elast-Eon™, AorTech is now incorporating this material into a number of medical devices of our own design. Elast-Eon™ has first class long term blood contacting properties and, as a result, all of the initial products being developed are for the cardio vascular field. Each device is being designed to have improved clinical outcomes over current device technology, eliminating the use of animal sourced material whilst allowing procedures to remain the same, therefore avoiding having to retrain surgeons in new ways of operating.         

About RUA Medical Devices

RUA Medical is an experienced full-service medical device contract developer, contract manufacturer and implantable fabric specialist. The company provides subcontract design, development, manufacture, assembly, packing, inventory management, logistics and consultancy services to the Medical Device and Biotech Industries.  The company partners with globally based companies to provide technologically innovative products that can deliver lifesaving and life enhancing solutions, and focuses on personalised service, combined with innovative design and development.

 

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