Last checked at 25 Jan 2023 07:00
25 January 2023
RUA Life Sciences Plc
("RUA ", the "Company" or the "Group")
Distribution Agreement with Corcym
RUA Life Sciences plc, the holding company of a group of medical device businesses focused on the exploitation of the patented long-term implantable biostable polymer, Elast-EonTM, is pleased to announce that it has signed an agreement with Corcym SRL ("Corcym"), a global medical device company focussed on the structural heart area, to bring RUA's range of large bore vascular grafts to market.
Corcym and RUA have signed a global distribution agreement that grants Corcym the exclusive rights to commercialise RUA's large bore straight and aortic root grafts for heart surgeons. Corcym will leverage its sales team and network already serving the needs of the surgeon, who will use the graft products.
To provide Corcym with the necessary flexibility to maximise market penetration, a novel partnership model has been agreed whereby rather than agree specific price points by territory, the partnership ethos of the agreement will see RUA and Corcym share the gross margin achieved on global sales on a 50:50 basis.
Corcym is a global medical device company focused on serving the needs of heart surgeons and their patients. Corcym's current product portfolio includes a wide range of heart valves and heart repair products. Corcym has a commercial presence servicing heart surgeons in over 100 countries.
RUA has a pipeline of vascular grafts in development for the repair of diseased and damaged blood vessels, including the thoracic aorta. The total global market size for the pipeline products is estimated by RUA to be around $1 billion annually. These products include large bore straight and aortic root grafts together with specialised products for aortic arch repair. The regulatory strategies and plans for the pipeline products have been agreed and RUA anticipates a number of regulatory approvals from 2025 through 2027, allowing Corcym to commercialise the grafts.
Bill Brown, Chairman of RUA said: "The mutual benefits of this partnership with Corcym are transformational for RUA. Not only does it validate our belief in the product range but it is backed up with Corcym's capacity and capabilities to make the graft range available to heart surgeons globally."
Christian Mazzi , CEO of Corcym added: "Corcym is excited to partner with an innovative company like RUA to commercialise the aortic graft range. Corcym's mission is to help cardiac surgeons treat patients better, today and in the future, and RUA's aortic graft range will be an important addition to the product portfolio we can offer Heart Surgeons worldwide."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0)1294 317073
Caroline Stretton, Group Managing Director
Cenkos Securities plc (Nominated Adviser and Broker) Tel: +44 (0)20 7397 8900
Giles Balleny / Max Gould (Corporate Finance)
Michael Johnson (Sales)
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.
About Corcym SRL
Corcym is a global, independent, medical device company entirely focused on state-of-the-art surgical solutions to fight structural heart disease. Corcym has a presence in more than 100 countries with approximately 850 employees and ensures strong continuous support to patients, healthcare professionals and healthcare systems worldwide. For more information, please visit www.corcym.com.