AorTech International PLC Update on Elective Surgery and Customer Orders (1712P)
June 08 2020 - 1:00AM
UK Regulatory
TIDMAOR
RNS Number : 1712P
AorTech International PLC
08 June 2020
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-Eon (TM) ), 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(TM) and ECSil(TM), now manufactured on its behalf by
Biomerics LLC in Utah, USA. Elast-Eon(TM) and ECSil(TM)'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(TM),
AorTech is now incorporating this material into a number of medical
devices of our own design. Elast-Eon(TM) 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.
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END
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