AorTech revenues grow as group adopts new strategy

14th May 2019 11:20

(Sharecast News) - Polymers developer AorTech saw revenues increase in a trading year that saw it adopt a new strategy, successfully conclude a fundraising and strengthen its board.AorTech's new strategy of developing medical devices based upon its polymers, whilst continuing to license the rights to those same polymers in non-competing areas, led to a growth in polymer licensing and royalty income from £404,000 to over £460,000.The AIM-listed outfit, which raised up £2.54m in the year by way of a placing and open offer, ended the year with a net cash position of £2.41m.Looking forward, AorTech will make prototyping, manufacturing and testing its "principal focus" over the coming year after identifying an opportunity to "significantly improve" the way its heart valves are manufactured and, if successful, should allow optimised polymer heart valve designs to be manufactured with reduced costs.Chairman Bill Brown said: "Our strategy of transitioning AorTech into a medical device manufacturer is progressing well with much having been achieved over the last year."The business model of working with partners means that progress has been made on a highly cost-effective basis. We remain confident of delivering further progress in the current year."As of 1115 BST, AorTech shares had dipped 0.72% to 69p.