AorTech International loss widens as R&D investment rises

AorTech International on Friday reported a slightly widened loss as it transformed into a medical device company.

The AIM-listed firm, which also develops bio-materials, recorded a loss before tax of £239,000 for the six months ended 30 September, compared with a loss of £225,000.

The company said it had invested more in research and development activities relating to products such as its polymeric heart valve.

Meanwhile, turnover jumped by 27% to £299,000 as royalty revenues rose by 31% to £259,000 due to licensing of its Elast-Eon polymer technology.

Executive chairman Bill Brown said: "Progress over the past six months has been very positive. The polymer business is performing well and an ambitious plan is in place to develop it further. The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations.

"Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials. We look forward to 2020 with both excitement and confidence."

AorTech International shares were up by 0.60% at 92.05p at 1001 GMT.