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Indeed - a large contract win for contract manufacturing changes not just the business case but the sentiment too. Could be a huge catalyst once the short termists are cleared out.

The HV can't fail as such, it has already been tested and marketed by RUA, it is whether or not they can find a customer who can make use of it. If the current MTA doesn't go anywhere it just means they won't integrate it into their business, hence RUA need some other interest.

They need this new customer in the contract manufacturing business to take them to break even otherwise they are just running down the money, and 4M may not necessarily last that long (at what level do they start thinking about raising? 1M, 500K?). When they double their income (as they have been talking about for well over a year) then I will be comfortable invested here. Given the customer has paid £100K just for preliminary work, and RUA are good in this area, I think the chances of landing the contract is very good. Expect a positive response in the SP when that happens.

RUA have expressed frustration at how slow the industry moves, whether or not it is slow or there is just no serious interest in the products remains to be seen. The upside to them achieving a fraction of their ambition is too good to ignore but you have to accept the risks with RUA, they've talked a good talk for a long time now, time for results not talk!

Not much longer to wait for an RNS, hopefully it will report something interesting!

Material Transfer Agreement - the major that is testing the heart valve. My understanding is there are AIM rules about buying during certain sensitive business activities, otherwise I imagine any staff who knew ahead of markets about a major announcement would mortgage their house to buy shares.

Incredible optimism considering I've been invested in RUA for something like three years now!

I'll try to restrict my hopes and dreams to that contract manufacturing sale to land!

You're not wrong Jimzi, I avoid posting when I'm feeling optimistic for fear of appearing mental! I mean 30M is for a company that is close to achieving something, imagine if it actually did (not to rubbish the hard work they've done to get to the current position but money talks).

Lets just say my medium to long view is between loosing 100% of my investment and a quarter of a billion MCAP. And I am prepared to stand by that.

Not particularly understanding the value of EV - the more debt a company has the higher the EV? the more cash you hold the lower your EV? RUA would have a higher EV if they borrowed instead of issuing more shares.

I'm thinking RUA are in a slightly unusual situation of holding a lot of cash compared to the income of the business, low debt and low SP and maybe EV doesn't work here. It's like punishment for not investing available capital which in some businesses might be justified, but not in this context.

MCAP + debt - cash = EV

RUA have previously been valued at £30+M with less sales, when sentiment on grafts was positive (but valves were way off monetisation). Some positive news in each business area and maybe, just maybe we will see £30M this year.

But don't underestimate RUAs ability to disappoint, despite the fantastic opportunities something has got to land.

That's an interesting observation Jimzi, if my Barclays shares doubled I wouldn't describe it as a little boost, but with RUA they could report that Bill got out the right side of the bed in the morning and that would add a few pence, albeit back down again by the end of the week. (or perhaps someone observes the chart looks like a certain mountain range therefore its definitely going to be 17p next week).

I've not been paying much attention of late but re-reading the last update I hadn't appreciated the significance of a £100K order just for developmental work on a potential contract, hopefully the actual contract is many multiples of the initial order and, given the initial cost, hopefully its RUAs to lose rather than try to win. Maybe the next bit of good news will be a significant contract order.

Anyway, I wasn't attempting to predict the price (good luck with that!), just that a if they were break even then 12-14M would seem a reasonable SP, especially with the potential of the valve and grafts - where I hope they have success and give the SP a big boost.

There should be a trading update ahead of financial results over the next 3-10 weeks.

A priority for the company should be achieving more contract manufacturing business and becoming break even. This was stated as much at the last update. This would offer some security to the SP and likely boost it a little (12-14M MCap would not be unreasonable, in the not so distant past this was 33M).

RUAs issues stem from the ability to snatch defeat from the jaws of victory. Of course, whilst they may eventually get one of the development projects over the line, this will be at the expense of sharing the spoils with partners and won't be as fruitful as it may have been, but it should still put the SP on a rocket. If they do get the grafts back on track, there is more to develop, such as the elephant trunk. A partner here would mean very good long term prospects.

The current SP is understandable, we need tangible results not hope backed up by 'promising progress'.