RUA Life Sciences PLC on Tuesday said that trading in the first four months of financial year 2024 has met expectations of the company.
RUA Life Sciences shares rose 19% to 19.70 pence each on Tuesday morning in London.
RUA Life Sciences is a Glasgow-based medical technology holding company focused on exploiting long-term implantable biostable polyurethane Elast-Eon.
The company said in the period to the end of July, overall costs reduced by 20%, as anticipated. Cash resources are higher than management’s budget.
Chair Bill Brown said: ‘RUA Contract Manufacture has made good progress with a customer funded development project for an implantable textile component of a currently marketed product. Assuming the project is a success, it is anticipated it will convert into a long term supply agreement.’
He added that the company’s Structural Heart unit ‘has made an outstanding breakthrough in the development of a synthetic leaflet material for the manufacture of heart valves,’ while the Vascular unit is in the final stages of planning the pre-clinical and clinical trials for the development of a vascular graft range.
‘Although early stages, this first commercial sale of our graft devices is the beginnings of an original equipment manufacturer business line,’ Chair Brown said.
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