RUA Life Sciences PLC AGM Statement and Trading Update (6996V)
11 August 2020 - 4:00PM
UK Regulatory
TIDMRUA
RNS Number : 6996V
RUA Life Sciences PLC
11 August 2020
RUA Life Sciences plc
("RUA", the "Company" or the "Group")
AGM Statement and Trading Update
RUA Life Sciences plc (AIM: RUA.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 holding its Annual General Meeting ("AGM") at
11.00am today. Taking current Government guidelines and legislation
into account, the meeting is therefore closed and voting on all
resolutions will be conducted by poll based on valid proxy forms
received. The results of the poll will be published on the
Company's website, www.rualifesciences.com , following the
conclusion of the meeting together with a short video interview
where the Chairman, Bill Brown, and Chief Executive, David
Richmond, will answer shareholder questions submitted in advance of
the meeting. At the AGM, the Chairman will make the following
statement regarding current trading:
"RUA Medical Devices
On 8 June 2020, RUA announced a notification from its largest
customer requesting it to prepare for the production of products
and that orders would resume in the near future. Since receipt of
this notification, RUA has been closely monitoring the impact of
COVID-19 on elective surgeries and the resulting orders for devices
placed by hospitals both in North America and Europe in the
therapeutic area served by its largest customer. Elective surgery
represents procedures organised in advance by the physician and
patient i.e. not surgeries carried out as emergency procedures. It
appears that elective surgeries in the US have made a faster rate
of recovery than those in Europe with hospital orders now having
recovered to 90% of pre-COVID levels in the US compared to around
67% in Europe.
This increase in operating theatre activity has had a similar
impact on the orders being placed on RUA Medical by its largest
customer which has now placed orders in five out of the last eight
weeks with weekly order values being at higher rates than the
pre-COVID average. RUA estimates that shipments based on current
orders received will average around 90% of pre- pandemic levels
over the next three months.
As previously announced, the impact on order interruption is
estimated by the Board at approximately GBP300,000 which has been
mitigated by a number of actions, including placing 11 members of
staff on furlough, the 20% salary sacrifice by the Board, general
control of costs and the receipt of the Scottish Enterprise
administered PERF grant of GBP150,000.
In order to meet customer delivery schedules, furloughed staff
have now returned to work on at least a part time basis and full
manufacturing activity is forecast to resume shortly.
RUA Biomaterials
The business specialising in licensing of Elast-Eon (TM) has had
little impact from COVID-19 and recent data indicates that demand
for the polymer has increased from those customers manufacturing
ECMO catheters."
For further information contact:
RUA Life Sciences plc
David Richmond, CEO Tel: +44 (0) 78 9999 6400
Shore Capital
Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA
Life Sciences Plc (formerly known as AorTech International Plc)
acquired RUA Medical Devices Limited to create a fully formed
medical device business. RUA Life Sciences is the holding company
of the Group's four trading businesses, each exploiting the Group's
patented polymer technology.
Our vision is to improve the lives of millions of patients by
improving and enabling medical devices with Elast-EonTM, the
world's leading long-term implantable polyurethane.
Whether it is licensing Elast-EonTM, manufacturing a device or
component or developing next generation medical devices, a RUA Life
Sciences business is pursuing our vision.
Elast-Eon(TM)'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 7
million implants and over 14 years of successful clinical use,
RUA's polymers are proven in long-term life enabling
applications.
The Group's four business units are:
RUA Medical: End-to-end contract developer and manufacturer
of medical devices and implantable fabric specialist.
RUA Biomaterials: Licensor of Elast-EonTM polymers to the medical
device industry.
RUA Vascular: Commercialisation of large bore polymer sealed
grafts and soft tissue patches.
RUA Structural Development of tri leaflet polymeric heart valves.
Heart:
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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END
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