8 Jun 2020 07:00
AorTech International plc
("AorTech", the "Company" or the "Group")
Update on Elective Surgery and Customer Orders
AorTech International plc (AIM: AOR.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-EonTM), provides the following update on customer orders received by its recently acquired wholly-owned subsidiary, RUA Medical Devices Limited ("RUA").
Resumption of Orders
On 14 April 2020, AorTech announced that RUA had been notified by its largest customer that, due to US Government (both federal and state) mandates to suspend all elective surgery in hospitals and surgical centres throughout the United States, it was temporarily unable to provide forecasts and orders for the medical devices manufactured for it by RUA. RUA has recently received a further notification from its largest customer requesting it to prepare for the production of products and that orders would resume in the near future, but reserved the right to implement further suspension of orders in the event of the impact of a second wave of COVID-19. Since receipt of this notification, RUA has now received new orders from its largest customer for delivery in August 2020.
David Richmond, Group CEO of AorTech, stated: "We are encouraged by this recent communication and the resumption of orders by our largest customer but are mindful that a second wave of COVID-19 could still lead to a further suspension. We are now planning production schedules following the successful completion of a 'Safe working during COVID-19 pandemic' risk assessment. All active staff have been trained to ensure that they are able to work safely and comply with the UK Government's social-distancing guidelines. We look forward to being able to bring those members of staff back from furlough in-line with the production scheduling requirements."
For further information contact:
AorTech International plc
David Richmond, CEO Tel: +44 (0) 78 9999 6400
Shore Capital
Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080
About AorTech
AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™, now manufactured on its behalf by Biomerics LLC in Utah, USA. Elast-Eon™ and ECSil™'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 6 million implants and over 10 years of successful clinical use, AorTech polymers are proven in long term life enabling applications.
In addition to continuing to exploit AorTech's Intellectual Property related to the world class biomaterial - Elast-Eon™, AorTech is now incorporating this material into a number of medical devices of our own design. Elast-Eon™ has first class long term blood contacting properties and, as a result, all of the initial products being developed are for the cardio vascular field. Each device is being designed to have improved clinical outcomes over current device technology, eliminating the use of animal sourced material whilst allowing procedures to remain the same, therefore avoiding having to retrain surgeons in new ways of operating.
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.