AorTech continues to shift focus towards life-changing medical devices
By Iain Gilbert
Date: Friday 11 Oct 2019
(Sharecast News) - AorTech told investors on Friday that it had spent much effort in laying the foundations for its transition into a developer of life-changing medical devices during the six months ended 30 September.
However, AorTech also revealed it had spent very little money in doing so, and having managed cash "very carefully" during the period, the firm's net cash burn over the six months came to just £100,000.
The AIM-listed group said it made major improvements in the design of its heart valves, with heart valve manufacturing planning "well advanced", and also saw several clean rooms get built and completed, allowing graft manufacturing to commence.
Chairman Bill Brown said: "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."
As of 0935 BST, AorTech shares had shot up 10% to 59.95p.
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