Surbiton, UK - AorTech International plc, the developer of Elast-Eon, implantable polyurethane co-polymers, has reported a solid financial performance in the last 12 months, despite a weak economy.
AorTech reported sales of £1.3-million ($1.5-million) for the year ended 31 March 2009, down by £200 000 compared to the previous year, but said it reduced operating expenses by £93 000 to £3.3 million. After allowing for grants received, the loss before taxation was £1.2 million, the company said.
AorTech said the global economic crisis had a "minor but measurable effect" on the company and that the impact was limited to a reduction in new programmes at existing companies and the lack of ability of early stage companies to obtain cash to fund their own development programmes.
The company said it has "adequate" cash reserves, reporting net cash balances were £4.2 million, which the company expects will provide adequate financial resources to support ongoing operations and development plans at the group.
In the coming year, AorTech believes Elast-Eon components for ventricular assist, vascular occlusion, various coatings and in particular, cardiac pacing and neurostimulation headers, will be the highest growth area in the company.
In 2010 the company expects Elast-Eon device to be incorporated into humans for the first time and also expects to expand the existing licence.
AorTech Biomaterials, based in Melbourne, Australia, a subsidiary of Surbiton, UK-based Aortech International, was formed in July 1997 to develop and commercialise Elast-Eon, the statement added.
In separate news, the company received a European patent for its Polymer Heart Valve (PHV). "The issuing of this patent further strengthens our position in the polymer heart valve field," said AorTech ceo, Frank Maguire. "This technology, in combination with our existing Elast-Eon polymer portfolio, creates significant value for the company and its shareholders," he added. (RD)