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RUA Life Sciences PLC on Tuesday said performance is ahead of initial budget figures, and it announced new patents and manufacturing agreements.
Shares in RUA Life Sciences surged 15% at 41.00 pence in London on Tuesday morning.
The Glasgow-based medical device company said its biomaterials division is performing ahead of initial expectations, with revenue 73% higher at £144,000 compared to the same period a year before. The division's intellectual property portfolio has expanded as new patents have been granted in Europe and China.
Further, RUA's contract manufacturing division exceeded expectations with revenue increasing to £540,000 from £374,000 a year prior, which was driven by a combination of price increases and increased volumes produced.
The company reported ‘strong progress’ in the development process of its new generation heart valve.
During the year, RUA submitted a detailed protocol to the US Food & Drug Administration for its vascular graft trial. The company said it is close to reaching an agreement with the FDA as it expects to have full details of the trial at the end of September.
Looking ahead, RUA announced it has signed a manufacturing agreement with a global medical device manufacturer, and it anticipates improved performance in its contract manufacturing division as a result.
‘Overall, the progress made in developing products has been matched by trading activities, and although we are not currently anticipating the 50% year-on-year revenue growth to continue for the rest of the year, it is a good indicator of the building and development of the business,’ said RUA.
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