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AorTech International, a biomaterials IP and medical device development company, saw annual losses widened as increased costs offset an uptick in revenues from license fees and royalties.
The reported pre-tax loss for the year widened to £609,403 from £34,000 a year earlier as administrative costs surged to £840,687 from £473,669 offsetting a 15% rise in license fee and royalty income to £463,000.
'Progress has been good over the past year with no change in our expectations of the timelines to having products ready for seeking regulatory approval, said William Brown, Executive Chairman.
'I expect the current year to reach a number of milestones in the development of the polymeric heart valve, tissue patches and the large bore vascular grafts with the planning, product design and preparation for manufacturing allowing prototypes to be manufactured and trials commencing.'
At 9:43am: (LON:AOR) AorTech International PLC share price was -6p at 52.5p