Since AorTech’s May trading update the company has continued its run of positive news announcements with a Government grant under the Pivotal Enterprise Resilience Fund (PERF), the issue of a new patent, and most recently, the impending resumption of orders from RUA Medical’s largest customer.
On 8 June, AorTech announced that its wholly owned subsidiary RUA Medical Devices’ largest customer has requested that it prepare for production, and that orders have resumed for supply in August, subject to any second wave pressure.
Since announcing the finalisation of the manufacturing and design of its heart valve prototype, AorTech have further noted the US Patent and Trademark Office’s issue of a new patent that protects those developments.
The refinement and protection of claims for the incorporation of its biostable polymer ElastEon in medical devices that include heart valves and aortic grafts, will not only be closely watched by AorTech’s potential licensees for its heart valve product, but will be required by any US licensee.
Although the heart valve and vascular products comprise just over 90% of our valuation of AorTech, we have not made any changes to our valuation but have incorporated the £150,000 PERF grant into our FY 2021 financials.
Our valuation remains at £101.3m or 690p per share.
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