(Alliance News) - RUA Life Sciences PLC on Monday said loss widened in the first half, tracking falling revenue, although it stressed it aims to turn profitable in the shorter-term.
In the six months that ended September 30, the Glasgow, Scotland-based medical devices firm said pretax loss widened to GBP1.4 million from GBP1.1 million a year earlier.
Revenue fell 28% to GBP794,000 from GBP1.1 million, while administrative expenses ticked down to GBP2.0 million from GBP2.1 million.
Cash at September 30 was GBP493,000, down 67% from GBP1.5 million on March 31 and down 80% from GBP2.5 million a year earlier.
Looking ahead, it said it aims to become profitable in the short-term from its growing contract manufacturing and commercialising the research & development undertaken with its in Vascular and Structural Heart units.
"The objectives for the company are to maximise return on investment from each of the four business units. A successful fund raise announced after the period end has provided RUA with the resources and balance sheet to allow the business units to pursue the agreed strategies to meet group objectives," said Chair Bill Brown.
"We remain excited by the shorter-term commercialisation opportunities present in RUA Structural Heart and RUA Contract Manufacture, and the agreed regulatory pathway enables engagement with potential partners to facilitate the commercialisation of RUA Vascular."
On Monday last week, shares in RUA Life Sciences were suspended due to a "deterioration in settlement performance" following an issue of new shares that is conditional on shareholder consent.
By Greg Rosenvinge, Alliance News senior reporter
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Rua Life Sci. (RUA)