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RUA Life Sciences PLC on Tuesday said that trading in the first four months of financial year 2024 has met expectations of the company. RUA Life Sciences shares rose 19% to 19.70 pence each on Tuesday morning in London. RUA Life Sciences is a Glasgow-based medical technology holding company focused on exploiting long-term implantable biostable polyurethane Elast-Eon. The company said in the period to the end of July, overall costs reduced by 20%, as anticipated. Cash resources are higher than management’s budget. Chair Bill Brown said: ‘RUA Contract Manufacture has made good progress with a customer funded development project for an implantable textile component of a currently marketed product. Assuming the project is a success, it is anticipated it will convert into a long term supply agreement.’ He added that the company’s Structural Heart unit ‘has made an outstanding breakthrough in the development of a synthetic leaflet material for the manufacture of heart valves,’ while the Vascular unit is in the final stages of planning the pre-clinical and clinical trials for the development of a vascular graft range. ‘Although early stages, this first commercial sale of our graft devices is the beginnings of an original equipment manufacturer business line,’ Chair Brown said. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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