RUA Life Sciences PLC on Monday said its revenue increased in the first half of its financial year following rising sales volumes in the period.
Glasgow, Scotland-based RUA Life Sciences is the holding company of a group of medical device businesses focused on the exploitation of the long-term implantable biostable polymer Elast-Eon.
Sales, including royalties, increased to £1.1 million for the six months to September 30, up 56% from £708,000 a year earlier.
Elast-Eon royalties were up 20% year-on-year to £187,000 from £156,000, and contract manufacturing revenues increased 66% to £917,000 from £552,000.
Group losses for the period narrowed by 15% to £1.1 million from £1.3 million in the first half of last year.
Chair Bill Brown said: ‘Our Biomaterials and Contract Manufacturing businesses have performed very well over the period, which has further assisted in the tight control of cash, resulting in a strong cash position at the end of the half year.
‘The outcomes of our discussions with the FDA have been positive, if taking a little longer than we would prefer, and I hope to be able to provide more details on the scale of the required trial relatively soon.’
Shares in RUA Life Sciences rose 4.4% to 36.00 pence on Monday in London.
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