RUA Life Sciences to Expand Business Scope; to Develop and Sell Heart Valves
August 16 2022 - 3:51AM
Dow Jones News
By Michael Susin
RUA Life Sciences PLC on Tuesday reported positive performance
across all its divisions and said it is seeking to expand its
business scope.
The AIM-listed company said its medical-device business had
received a recommendation to extend its scope from an audit body,
as it seeks to expand its certification to "design, development,
manufacture and sale of sealed vascular prostheses and heart
valves."
The medical division was previously certified as a third-party
supplier, the company said.
RUA said the certification moves precede a launch into clinical
trials later this fiscal year and eventually the sale of its own
heart valves.
The company said that it expects to reach an agreement with the
U.S. Food and Drug Administration on a clinical trial design, and
that it anticipates revealing the full details of the study around
the end of September.
"Overall, the progress made in developing products has been
matched by trading activities and although we are not currently
anticipating the 50% year-on-year revenue growth to continue for
the rest of the year, it is a good indicator of the building and
development of the business," Chairman Bill Brown said.
RUA said its biomaterials business is performing ahead of
budget, with revenue for the four-month period to the end of July
up 73% at 144,000 pounds ($173,563) compared with a year
earlier.
Contract manufacturing also was above expectations, with revenue
at GBP540,000, compared with GBP374,000 a year earlier, driven by a
combination of price increases and a boost in device volumes, the
company said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
August 16, 2022 03:36 ET (07:36 GMT)
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