TIDMRUA
RNS Number : 8323E
RUA Life Sciences PLC
12 July 2021
RUA Life Sciences plc
("RUA Life Sciences", the "Company" or the "Group")
Final results for the year ended 31 March 2021
RUA Life Sciences, the holding company of a group of medical
device businesses focused on the exploitation of the world's
leading long-term implantable biostable polymer (Elast-Eon(TM) ),
announces its audited final results for the year ended 31 March
2021.
Highlights :
-- Results include full year trading of RUA Medical acquisition
now fully integrated into the Group, therefore, year-on-year
comparisons are less meaningful
o Revenue amounted to GBP1,528,000 (2020: GBP489,000)
o Operating loss was GBP1,551,000 (2020: GBP941,000), impacted
by Covid restrictions on elective surgeries
-- Year-end cash balances amounted to GBP6,294,000 (2020: GBP1,976,000)
-- Covid disruption successfully managed with little impact on key R&D projects
-- Board strengthened with appointment of two new directors
-- Biomaterials revenues exceeded original expectations
-- Successfully completed GBP7 million equity fund raise
-- Major capital expenditure programme underway to scale up
commercial production of vascular products and accelerate heart
valve R&D
-- Vascular graft testing met expectations - anticipated
commercial launch during current financial year
Bill Brown, Chairman of RUA Life Sciences, commented: "We set
very demanding objectives for the RUA Medical business on its
acquisition and, despite the considerable disruption to normal
business activities caused by the pandemic, I am very proud of how
much the team has achieved over the past year. RUA Life Sciences is
now well positioned to benefit from this hard work with the
anticipated commercial launch of the vascular graft product range
in the current financial year."
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0)1294 317073
David Richmond, CEO Tel: +44 (0)1294 317073
Shore Capital (Nominated Adviser and Joint Broker) Tel: +44 (0)20 7408 4080
Tom Griffiths/David Coaten
Cenkos Securities plc (Joint Broker) Tel: +44 (0)20 7397 8900
Max Gould (Corporate Finance)
Michael Johnson (Sales)
About RUA Life Sciences
The RUA Life Sciences group was created in April 2020 when RUA
Life Sciences Plc (formerly known as AorTech International Plc)
acquired RUA Medical Devices Limited to create a fully formed
medical device business. RUA Life Sciences is the holding company
of the Group's four trading businesses, each exploiting the Group's
patented polymer technology.
Our vision is to improve the lives of millions of patients by
enabling medical devices with Elast-Eon (TM) , the world's leading
long-term implantable polyurethane.
Whether it is licensing Elast-Eon (TM) , manufacturing a device
or component, or developing next generation medical devices, a RUA
Life Sciences business is pursuing our vision.
Elast-Eon(TM)'s biostability is comparable to silicone while
exhibiting excellent mechanical, blood contacting and flex-fatigue
properties. These polymers can be processed using conventional
thermoplastic extrusion and moulding techniques. With over 7
million implants and 14 years of successful clinical use, RUA's
polymers are proven in long-term life enabling applications.
The Group's four business units are:
RUA Medical End-to-end contract developer and manufacturer
: of medical devices and implantable fabric specialist.
RUA Biomaterials Licensor of Elast-Eon (TM) polymers to the medical
: device industry.
RUA Vascular: Development of large bore polymer sealed grafts
and soft tissue patches.
RUA Structural Development of tri leaflet polymeric heart valves.
Heart :
A copy of this announcement will be available shortly at
www.rualifesciences.com/investor-relations/regulatory-news-alerts
.
CHAIRMAN'S STATEMENT
On behalf of the Board, I am pleased to present the Company's
audited final results for the year ended 31 March 2021.
On the first day of the financial year under review, the Company
completed the strategically important acquisition of RUA Medical
Devices Limited ("RUA Medical"). Since 2018, the Company has been
pursuing a strategy of moving up the value chain within medical
device manufacturing, from being a licensor of the world class long
term implantable polymer Elast-Eon(TM) to ultimately seeking to
market the Company's own range of Elast-Eon(TM) enabled devices.
The acquisition of RUA Medical has enabled the Company to
accelerate its ambitions by bringing a fully regulated
manufacturing and device design business into the Group. The
progress made over the past year in pursuit of our strategic
objectives has been very positive particularly given the extended
lock downs and disruption to supply chains as a result of
Covid-19.
Our first range of products, large bore vascular grafts, has
been fully developed and the key mechanical testing and in-vivo
trial results meet all of our design objectives and we are close to
submitting the file for regulatory clearance. However, due to the
unexpected presence of cellulose, a non-toxic, natural plant-based
material, in the recent analysis of the leachable extracts from the
graft samples tested, in what the Board believes is likely due to
contamination at some stage in the chain of custody, the Company
has decided to undertake an additional test on grafts from another
production batch and carry out detailed chemical analysis on the
original samples before submission to confirm the presence of
cellulose as a one-off. The Company continues to anticipate first
revenues from the sale of grafts by the end of the current
financial year. Meeting this timeframe has been enabled by the
acquisition of RUA Medical and the dedication and hard work by the
team. During the year, the Company also completed an equity fund
raise in December 2020, where the Company raised a total of GBP7.0
million (before expenses) providing the finance necessary to take
the business through the next phase of development.
Trading for Year
Trading for the year represents the consolidated results for the
enlarged Group and as such, year on year comparisons are largely
meaningless due to the scale of the acquired business being greater
than the parent company. As a result, I have sought to split out
the key comparatives. Total revenue for the year amounted to
GBP1,528,000 (2020: GBP489,000) which was represented by revenues
from the polymer business of GBP507,000 and RUA Medical,
GBP1,021,000. The polymer business performed ahead of our initial
expectations as a result of royalties from licensees being higher
than anticipated at the time of making the trading statement in
early May 2021. RUA Medical's revenues were derived from sales of
other medical devices produced as a sub-contract manufacturer.
Orders from its major customer were impacted by the deferral of
elective surgeries and we estimate that the impact was a reduction
in revenue of around GBP400,000. The operating loss for the year
was GBP1,551,000 (2020: GBP941,000). Of this loss, GBP249,000 was
recognised in the subsidiary, RUA Medical, which, as mentioned
above, was adversely affected by Covid-19 related reduction in
revenues. Administration expenses within the parent company
amounted to GBP1,818,000 compared to GBP1,123,000 last year. The
increase was due to a significant rise in professional fees for the
acquisition of RUA Medical together with the costs attributed to
the equity fund raise, plus additional expenditure on R&D
activities. Year-end cash balances amounted to GBP6,294,000 (2020:
GBP1,976,000). After the fund raise completed, the Group commenced
a period of capital investment in equipment necessary to scale up
the production capacity for both the manufacture of the vascular
product range and further development of the heart valve project.
Further details of the capital investment plans are discussed in
the Group Chief Executive's Report.
Research and Development costs have been charged through the
profit and loss account. R&D Tax Credits were recognised in the
year of GBP87,000 (2020: GBP81,000) which related to expenditure
incurred in the preceding financial year. During the year,
expenditure on the two main R&D projects, (being the Vascular
Graft and Heart Valve projects) increased by 123% to
GBP541,000.
Board
Following the acquisition of RUA Medical, David Richmond who had
been a Non-Executive Director of the Group became Group Chief
Executive Officer, with the governance benefits of splitting the
role of Chairman and CEO. The Executive Board was also strengthened
by the appointment of Dr Caroline Stretton in January 2021 as Group
Chief Operating Officer.
Gordon Wright, one of the founders of the predecessor company to
RUA Life Sciences retired from the Board during the year and I
would like to both personally, and on behalf of the Company, thank
Gordon for his many years' service and sound counsel. I am pleased
that Gordon continues to have a relationship with the Group as
Honorary Life President.
The Board had recognised the requirement for an independent
Non-Executive director to take on the role of Chair of the Audit
Committee. Our search criteria were very exacting as our preferred
candidate would not only be a qualified accountant and have
experience as a Finance Director of a listed or an AIM quoted
company but also have experience in the highly regulated medical
device industry. I am delighted that Ian Ardill, who joined the
Board in January 2021, was able to meet all of our
requirements.
The Board is now very well balanced between Executive and
Non-Executive directors with many years' experience and expertise
in all the necessary areas required for RUA Life Sciences to reach
its potential.
Outlook
While the past year has been very difficult for most businesses,
RUA has been able to achieve a great deal during the global
pandemic.
Major progress has been made over the past year with the
vascular graft development being a significant achievement. The
current year is expected to build upon this progress further. The
next major step is obtaining FDA clearance to market and, in
anticipation of this, we are currently making very good progress
with our engagement with potential partners, to both purchase our
grafts to incorporate into OEM devices and to take the grafts into
US hospitals on a distribution basis. Feedback from commercial
partners and key opinion leaders has been positive and the
opportunity to replace current animal-derived solutions to the
problem of sealing grafts with the unique properties of
Elast-Eon(TM) has been recognised as potentially game changing
disruptive technology. Our primary focus will be to secure a
successful commercial launch of this product line during the
current financial year.
The new technology invented as part of the graft project is now
being further exploited for other Group projects. The vascular
patch development is now advancing well utilising the core graft
IP, and a separate 510k incorporating a wider range of applications
than originally anticipated is also expected to be submitted during
the year.
Similarly, the Heart Valve project has now moved beyond the
initial proof of concept stage with the polymeric leaflet system
currently undergoing a number of manufacturing improvements. Some
of the data received from the animal testing on the graft programme
has very interesting implications for the next generation of heart
valves and we are now committing further resources to the project
in both engineers and in house testing equipment.
Your Board looks forward to the current year and beyond with a
great deal of confidence.
William Brown
Chairman
9 July 2021
GROUP CHIEF EXECUTIVE OFFICER'S REPORT
I am pleased to present my Report to shareholders of RUA Life
Sciences on the activities of the last year and our plans for the
current year. I would like to thank two key stakeholder groups for
their support of the Group over the past year. Firstly, the
employees who have embraced the new Group culture and objectives
whilst contributing so much during the uncertainties and disruption
of the global pandemic, and secondly our shareholders, both old and
new, who supported the fund raise to enable us to pursue our
ambitious plans. Our employees should feel very proud of what they
have achieved, and our shareholders are hopefully seeing that we
are delivering on the vision set out for the business. As
development continues, our plans for future investment in the
business are given below.
People
On acquisition of RUA Medical, the head count of the business
amounted to 25 split across production, quality, research and
development and administration functions. Despite the global
pandemic, we have grown the capacity of the business by investing
in our technical departments and recruited a number of highly
experienced engineers in both production and R&D thus head
count has now increased to 32. This growth is anticipated to
continue as the graft project transitions from R&D and is
handed over to production once regulatory clearance is received and
the not inconsiderable task of validating the new equipment
necessary to meet our production targets is achieved.
Capital Investment
On conclusion of the fundraise, the Group set the investment
plans for the business in train. Some of this investment was made
in the year to 31 March 2021 however, the scale of the total
project amounts to just over GBP2.5 million. The plans are
summarised as set out below.
RUA Medical textile capacity - GBP300,000 invested in new warper
and creel system together with weaving looms to scale up production
of graft materials. The capacity introduced should provide the feed
stock to allow around 18,000-20,000 grafts to be manufactured per
annum. Further graft and patch manufacturing equipment has also
been committed to at a total investment of around GBP750,000. The
manufacturing process has been highly automated and designed for a
single shift of 9 operatives to manufacture and pack 900 grafts a
month on a single shift basis (1,700 on a double shift).
The heart valve project also required further capital
investment. The total budget amounts to approximately GBP800,000,
split between testing equipment, manufacturing machinery and
associated tooling. Testing has been brought in house to reduce
lead time on testing prototype valves while shortening the time
between iterations and determination of the ultimate manufacturing
settings. Around 75 per cent. of the heart valve capital budget is
however contingent upon satisfactory results from the initial
testing regime.
RUA has always sought to anticipate future production needs and
it is currently anticipated that the production capacity for
patches and grafts from the current facility could be exhausted
within 24 months of market launch. For this reason, we recently
agreed to purchase the neighbouring industrial unit to our graft
manufacturing plant in Irvine, Scotland. This factory which is the
mirror image of the current facility includes 11,064 sq ft of
office and production space which can be configured to more than
triple clean room space while meeting production needs for a number
of years to come. Additionally, by consolidating the two units,
this will provide opportunities for further extensions on the
attached land. The budget for both the initial purchase, cleanroom,
office construction and fit out amounts to around GBP700,000 or a
little under GBP60 per square foot.
Research and Development
R&D activities are key to the future value creation of the
business. The investment made over the past year has taken the
grafts through around 80 prototypes, through design freeze and
subsequent in vitro and in vivo testing to allow FDA submission.
Further investment is planned to allow scale up of production
capacity and to bring the patches to a similar level of progress.
The budget for the current year amounts to around GBP700,000 with
deliverables being three FDA cleared product ranges.
The heart valve project is not as far advanced as the graft
project due to the complexity of the task, however, the
achievements of the past year have given the Board the confidence
to commit to an R&D budget of a further GBP700,000 in this area
with the objective of reaching design freeze and having durability
trials well under way. The leaflet system design allows the valve
to function well under hydrodynamic testing whilst the
computational modelling indicates very low stress levels on the
leaflets. The key to success of a polymeric leaflet heart valve is
a combination of long-term durability together with bio-stability
of the material. Having the IP to the Elast-Eon(TM) material is a
major advantage in development of this project. A detailed
literature review indicated that a number of projects were trialled
with textile leaflets which had good durability but fell short in
animal trials due to tissue ingrowth. The trials undertaken on our
graft project confirmed this tissue ingrowth issue with the control
grafts, however, the Elast-Eon(TM) sealant allowed tissue ingrowth
on the inside of the graft only and the external surface remained
remarkably free of any adhesion. As a result, the heart valve
project has been expanded to consider this textile reinforcement
opportunity based on the graft technology. The 100 per cent.
polymer leaflet is still being developed, however, in parallel we
are also pursuing a textile variant of the design. The theory being
that the mechanical properties of the leaflet material expressed as
a factor of the maximum stress on the leaflets would increase by a
factor of 30.
It is intended to trial both manufacturing methods against each
other through durability trials.
Elast-Eon(TM)
RUA Biomaterials is the IP licensing division that owns the
family of medical grade polymers known as Elast-Eon(TM).
Elast-Eon(TM) has been in long term human implants for well over 15
years and is the enabling technology behind over 7 million life
sustaining devices. Elast-Eon(TM) has an FDA Masterfile and testing
data has demonstrated the material to have all of the
characteristics necessary for a long-term implantable
biomaterial.
RUA Biomaterials has licensed manufacturing rights to Biomerics
and the rights to use the material to a number of other medical
device companies. During the year to 31 March 2021, royalty income
and licence fees from this business activity grew from GBP489,000
to GBP507,000. Whilst the increase in GBP terms is approximately 4
per cent., the increase in USD terms is closer to 12 per cent.
increasing from $608,000 to $679,000 in invoiced currency.
Elast-Eon(TM) is also being exploited by other Group companies
as the enabling technology behind the grafts and patches being
developed by RUA Vascular and the heart valve being developed by
RUA Structural Heart. Both RUA Biomaterials and our licensed
manufacturing partner are investing in the marketing of the
Elast-Eon(TM) polymer, and we expect to see further growth in this
area over the next few years as the material is adopted by more
device companies.
RUA Medical
RUA Medical was acquired by the Group at the start of the
financial year under review. It is a specialist end to end
subcontract designer, developer and manufacturer of bespoke
engineered medical devices with two facilities and four cleanrooms.
The business is unique in the field of implantable textile devices,
in being equipped to take a customer's product idea and progress it
from design straight through to delivering retail packaged devices
for clinical use. RUA Medical will continue to provide and grow
these services to third party customers but through the
availability of Elast-Eon(TM) polymers and know how, will expand
the offering to include textile medical devices enabled by
Elast-Eon(TM). Additionally, the RUA Medical team, facilities and
systems are now fully available to continue the product
developments for RUA Vascular and RUA Structural Heart.
This business was impacted most out of the Group by Covid
restrictions on surgeries. We worked hard to support our customers
through these difficult times and have been praised for quality of
service and on-time delivery. Having demonstrated this high level
of service, we believe it provides the opportunity to take on
additional product lines for our major customer.
The business also successfully retained its ISO 13485:2016
certification, and formally added the new cleanrooms to its Irvine
site and 'Contract Design and Development' to its current scope of
certification.
Commercial Opportunities
The priority for the current year on business development
activities is to organise the route to market for initially the
vascular graft products and secondly the soft tissue patches. Due
to the current regulatory regimes in place globally, we have
identified the North American market for first launch which
co-incidentally is also the highest value market by unit hospital
pricing. We estimate that annual global demand for large bore
surgically implanted grafts is around 200,000 units per annum of
which North America represents around 45 per cent. by volume.
Hospital pricing ranges from $1,000 to $3,000 depending on size and
complexity (i.e. our one piece aortic root graft). Additionally,
there is a market for grafts within the medical device industry for
use in heart assist devices and valved conduits. RUA Life Sciences
does not intend to sell grafts direct to hospitals but leverage the
existing infrastructure of cardiovascular salesforces by partnering
with distributors. This strategy reduces sales value potential
through the need to provide distributor margin but is compensated
for by the significantly lower costs of sales and marketing.
We are actively engaged with a number of potential distribution
partners and the product has been met with much enthusiasm both
from these sales focussed organisations and also from the KOL
surgeons who have been exposed to the concept of a non-animal
derived vascular graft. Most new products brought to the market are
"me too" versions of existing technology, ours on the other hand
has been described as a game changer and truly disruptive. We
understand that current recommendations to hospitals is that if a
non-biogenic (not animal sourced) product is available, this should
be offered to patient groups as an alternative.
We are now working on our plans for a European launch and
similar discussions are underway in key European territories
however the focus here is on organising the key centres to
undertake the clinical trials required. European commercial launch
is around 18 months to 2 years behind North America.
David Richmond
Group Chief Executive Officer
9 July 2021
STRATEGY
The strategy of the Group is simple. To exploit the benefits of
the Company's IP and the family of biostable polymers with
exceptional long-term performance. This is being undertaken
through:
-- licensing Elast-Eon(TM) to third parties through RUA Biomaterials;
-- developing textile based and Elast-Eon(TM) coated implantable devices through RUA Vascular;
-- developing a revolutionary and market disrupting
Elast-Eon(TM) leaflet polymeric heart valve through RUA Structural
Heart; and
-- becoming a centre of excellence for designing, developing and
manufacturing Elast-Eon(TM) based medical devices through RUA
Medical, whilst continuing to serve and expand its current customer
base.
RUA Life Sciences is the holding company of each of these
subsidiaries and will seek to maximise shareholder value by growing
each business to achieve attractive levels of profitability or
disposing of business areas if the valuations are attractive.
In the financial year to March 2022 it is intended that RUA
Vascular Limited and RUA Structural Heart Limited will begin to
trade as separate entities. All Research and Development work for
those two business areas has been undertaken through RUA Life
Sciences for the year ended 31 March 2021.
Summarised consolidated income statement
Year ended 31 March Year ended 31
2021 March 2020
Notes GBGBP000 GBGBP000
Revenue 1,528 489
Cost of sales (276) -
Gross Profit 1,252 489
Other income 279 14
Administrative expenses (2,690) (1,123)
Other expenses:
Share-based payments (128) (91)
Bad debt expense 8 (37)
Amortisation & depreciation (193)
---------------------- ----------------
Total administrative expenses (3,082) (1,444)
---------------------- ----------------
Operating loss (1,551) (941)
Finance (expense) / income (43) 44
---------------------- ----------------
Loss before taxation (1,594) (897)
Taxation 143 81
---------------------- ----------------
Loss from continuing operations
attributable to owners of
the parent company (1,451) (816)
---------------------- ----------------
Loss attributable to owners
of the parent company (1,451) (816)
---------------------- ----------------
Loss per share
Basic & Diluted (GB Pence
per share) 4 (8.20) (5.55)
Summarised consolidated statement of financial position
31 March 31 March
2021 2020
Notes GBGBP000 GBGBP000
Assets
Non current assets
Goodwill 301 -
Other intangible assets 574 255
Property, plant and equipment 1,952 5
Total non current assets 2,827 260
----------------- -------------------
Current assets
Inventories 85 -
Trade and other receivables 949 258
Cash and cash equivalents 6,294 1,976
Total current assets 7,328 2,234
----------------- -------------------
Total assets 10,155 2,494
----------------- -------------------
Equity & Liabilities
Equity
Issued capital 12,949 12,574
Share premium 11,729 4,550
Other reserve (1,697) (1,825)
Profit and loss account (14,475) (13,024)
----------------- -------------------
Total equity attributable to equity
holders of the parent 8,506 2,275
----------------- -------------------
Liabilities
Non-current liabilities
Borrowings 223 -
Lease liabilities 124 -
Deferred tax 163 -
Other liabilities 40 -
----------------- -------------------
Total non-current liabilities 550 -
----------------- -------------------
Current liabilities
Borrowings 23 -
Lease liabilities 40 -
Trade and other payables 1,016 219
Other liabilities 20 -
Total current liabilities 1,099 219
----------------- -------------------
Total liabilities 1,649 219
Total equity and liabilities 10,155 2,494
----------------- -------------------
Summarised consolidated cash flow statement
Year ended
Year ended 31 March
31 March 2021 2020
GBGBP000 GBGBP000
Cash flows from operating activities
Group loss after tax (1,451) (816)
Adjustments for:
Amortisation of intangible assets 68 193
Depreciation of property, plant and
equipment 204 1
Share-based payments 128 91
Interest expense/(income) 9 (7)
Tax credit in year (143) (81)
(Increase) / decrease in trade and
other receivables (589) (20)
(Increase) / decrease in inventories 7 -
Increase / (decrease in taxation 122 81
Increase / (decrease) in trade and
other payables 231 120
---------------- -------------------------
Net cash flow from operating activities (1,414) (438)
Cash flows from investing activities
Purchase of property plant and equipment (620) (5)
Proceeds from disposal of property
plant and equipment 18 -
Acquisition of subsidiary net of cash
acquired (341) -
Interest received / (paid) (9) 7
Net cash flow from investing activities (952) 2
---------------- -------------------------
Cash flows from financing activities
Proceeds of issue of share capital,
net of issue costs 6,462 -
Proceeds from borrowing 260
Repayment of borrowings and leasing
liabilities (38)
---------------- -------------------------
Net cash flow from financing activities 6,684 -
---------------- -------------------------
Net (decrease)/increase in cash and
cash equivalents 4,318 (436)
Cash and cash equivalents at beginning
of year 1,976 2,412
Cash and cash equivalents at end of
year 6,294 1,976
================ =========================
Summarised consolidated statement of changes in equity
Issued Profit
share Other and loss
capital Share premium reserve account Total equity
GBGBP000 GBGBP000 GBGBP000 GBGBP000 GBGBP000
--------- ------------- --------- --------- ------------
Balance at 31 March 2019 12,574 4,550 (1,916) (12,208) 3,000
Share-based payments - - 91 - 91
Issue of equity share capital - - - - -
(net of issue costs)
--------- ------------- --------- --------- ------------
Transactions with owners - - 91 - 91
--------- ------------- --------- --------- ------------
Total comprehensive loss for
the year - - - (816) (816)
Balance at 31 March 2020 12,574 4,550 (1,825) (13,024) 2,275
--------- ------------- --------- --------- ------------
Share-based payments - - 128 - 128
Issue of equity share capital
- acquisition
(net of fees) - note 3 75 1,004 - - 1,079
Issue of equity share capital
- exercise of warrants 8 42 - - 50
Issue of equity share capital
(net of issue costs) - fundraise 292 6,133 - - 6,425
Transactions with owners 375 7,179 128 - 7,682
--------- ------------- --------- --------- ------------
Total comprehensive loss for
the year - - (1,451) (1,451)
--------- ------------- --------- --------- ------------
Balance at 31 March 2021 12,949 11,729 (1,697) (14,475) 8,506
--------- ------------- --------- --------- ------------
NOTES TO THE EXTRACTS FROM THE CONSOLIDATED FINANCIAL
STATEMENTS
1. Basis of preparation
The extracts from the Consolidated financial statements are for
the year ended 31 March 2021. They have been prepared in compliance
with International Financial Reporting Standards (IFRS) in
conformity with the requirements of the Companies Act 2006.
The Consolidated financial statements have been prepared under
the historical cost convention, with the exception of fair value
adjustments made in connection with the acquisition of RUA
Medical.
The accounting policies remain unchanged from the previous
year.
2. Going concern
After considering the year end cash position, making appropriate
enquiries and reviewing budgets and profit and cash flow forecasts
to 31 October 2022 which incorporate planned investment in new
product development and assumptions related to the return towards
normal business particularly relating to the RUA Medical Devices
subsidiary, the Directors have formed a judgement at the time of
approving the financial statements that there is a reasonable
expectation that the Group has sufficient resources to continue in
operational existence for the foreseeable future. For this reason,
the Directors consider that the adoption of the going concern basis
in preparing the consolidated financial statements is
appropriate.
3. Preliminary announcement
The summary accounts set out above do not constitute statutory
accounts as defined by section 434 of the UK Companies Act 2006.
The summarised consolidated statement of financial position at 31
March 2021, the summarised consolidated income statement, the
summarised consolidated statement of changes in equity and the
summarised consolidated cash flow statement for the year then ended
have been extracted from the Group's statutory financial statements
for the year ended 31 March 2021 upon which the auditor's opinion
is unqualified and did not contain a statement under either
sections 498(2) or 498(3) of the Companies Act 2006. The audit
report for the year ended 31 March 2021 did not contain statements
under sections 498(2) or 498(3) of the Companies Act 2006. The
statutory financial statements for the year ended 31 March 2020
have been delivered to the Registrar of Companies. The 31 March
2021 accounts were approved by the Directors on 9 July 2021, but
have not yet been delivered to the Registrar of Companies.
4. Earnings per share
The basic and diluted loss per ordinary share of 8.20 pence
(2020: loss of 5.55 pence) is calculated on the loss of the Group
of GBP1,415k (2020: loss of GBP816k) and on 17,697,120 (2020:
14,686,608 ) ordinary shares, being the weighted average number of
shares in issue during the year.
Posting and availability of accounts
The annual report and accounts for the year ended 31 March 2021
will be sent by post or electronically to all registered
shareholders on 29 July 2021. Additional copies will be available
for a month thereafter from the Company's office 2 Drummond
Crescent, Riverside Business Park, Irvine, Ayrshire KA11 5AN.
Alternatively, the document may be viewed on, or downloaded from,
the Company's website: www.rualifesciences.com .
Notice of Annual General Meeting
Notice of the twenty-fourth Annual General Meeting of RUA Life
Sciences plc will be posted with the Annual Report and Accounts and
will be held at RUA Medical's premises at 2 Drummond Crescent,
Riverside Business Park, Irvine, Ayrshire KA11 5AN on Tuesday, 31
August 2021 at 11:00am.
COVID-19 AND THE AGM PROCESS
The Company has been monitoring developments in relation to the
Covid-19 pandemic, including the public heath guidance. Given the
continued social distancing, travel restrictions and other safety
measures imposed by the Government as a result of Covid-19, we
strongly advise that shareholders do NOT attend the AGM in person,
but instead appoint the Chairman of the meeting as proxy to vote on
their behalf.
Further details will be included in the Annual Report and will
published on the Company's website at www.rualifesciences.com .
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FR RLMPTMTBMBRB
(END) Dow Jones Newswires
July 12, 2021 02:00 ET (06:00 GMT)
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