.

This was a stock I couldn't afford, - but now looks like Bargepoles . .. I'm guessing their spend is greater than their Income. Oh Dear - some investment Co will snap this/break-up and shareholders will get little of the value, as usual.

Yet, I thought their Tech was highly desirable, but I guess they didn't have the skills to sell the sizzle....and the Directors were doing OK, so why change?

Pro, almost reminds me of your BOR multi-bagger. Zoom Zoom !!

Now they have material breach.

Top performer today.

Suddenly woken up after 2 years.

Broker 400p price target that's a possible 10 bagger from here.

this company worries me a lot though it is beig mentioned on advfn

frankly, it is currently a total joke tinpot company with less turnover than my own tiny company

Heavy buying because of the USA news.

Tried to buy this pm no luck.

a chap on advfn has waxed lyrical about this stock for several weeks

i was certainly tempted to buy a few this morning, but found i could not do on cfd - too illiquid and low cap - and meant to make room in my sipp, but forgot being underpressure from other infuriating matters

never mind; can't win 'em all

Cracking 5 year chart.

Superb article in the Scottish Herald this weekend:

Anyone needing a précis of the current state of play need only read this.

Aortech article

it is a very interesting article, but hard to determine from that what might be a current fair price for the stock

very belatedly, i bought a few 000 for my sipp yesterday

cynic, I could easily say that a fair price is, "whatever the market pays", but for me the following assets are in play:

- Historic £60M of investment in Elast-Eon and its uses (all still relevant and valuable learned assets I believe, including £30M in heart valve R&D);

- New strategic aims to develop and market cardiovascular patches and large bore grafts within two years (based on view that there is a genuine shortage of suitable animal tissue - a position not improving as populations age);

- new partnership with RUA Medical (http://www.ruamedical.com/) to use their development and marketing expertise in that field.

- Other main strategic aim to develop the synthetic heart valve using the very latest in computational tools to speed up the pre-testing phase, with a view to initiating in-vivo trials in two years time.

- new partnership with Vascular Flow Technologies (http://vascular-flow.com/) (experts in computer simulating natural blood flow) in the heart valve project.

- leveraging off VFT's connections and access to Ninewells Hospital and University of Dundee.

- expectation of receiving £0.5M investment grant from Scottish Enterprise.


For all of the above, the shareholders have recently stumped up £2.6M, turning the company from a £2M market cap microcap into, initially, a £5M one. Now it is priced around £10M. Still a microcap.

Given the historic investment, the absolute relevance and uniqueness of Elast-Eon and the medical need to create devices that dispense with the need for animal tissue whilst maintaining the low after-care needs enjoyed by people that received animal tissue implants, the potential market is huge and I believe AOR has a major head start.

Ultimately, it seems likely that a big player will get involved once AOR makes the hoped-for progress using all these new found, cutting edge resources at its disposal.

RUA Medical and VFT both stand to do very well too if things progress with their help. RUA is on a % of gross margin retainer on the grafts/patches. VFT will charge an ongoing periodic fixed fee for use of its facilities, expertise and manpower. Therefore all parties have major incentives to succeed.

Overall, the projects are joint efforts so rewards will eventually be shared. The size of the marketplace is the attraction for all, including AOR shareholders.

What is not in the broker's note valuation with a 400p target price is any pricing for the potential in furthering the licensing of their IP in the construction of new, lighter, more natural feeling breast implants.

According to the broker note, "....this project requires little investment by AorTech but, if successful, would result in either a very attractive licence and royalty income or a JV opportunity to disrupt current technologies and supply chains. Not assumed in our projections, but as an indication of the potential value is that a 5% royalty on a 5% global market share would generate an income stream of £2.5m per annum to AorTech."

.

makes the hoped-for progress ........ aye, and there's the rub

“Hoped for” was my phrase to avoid any accusation of ramping. Clearly, if the progress was guaranteed we wouldn’t be here at a market cap of £11m. That said, in my view, the market is pricing AOR from a view of mistrust on its past slip ups. A cynical eye you might say.

chuckle ..... as you already know, i hold a few and may even add