The chairman of Dundee-based medical devices firm AorTech today said “quite incredible” progress was being made as it announced it cut first half losses.
The company said it was continuing to make improvements to its Elast-Eon heart valve and a commitment to start manufacturing was expected soon.
The company, which is also developing specialist medical textiles, saw a 30% fall in losses to £158,000. Revenues increased by 27 per cent to £299,000.
It ended the period with £2.3m in cash, down slightly from the £2.4m it had in the bank on 31 March.
Lenzie-born chairman Bill Brown said progress over the past six months has been very positive.
“The polymer business is performing well and an ambitious plan is in place to develop it further. The medical textiles development has been quite incredible and much credit must go to our partners, RUA Medical, who have surpassed our expectations,” he said.
“Progress on the heart valve is very positive with the timing of significantly improving past designs arising at a point when the industry has much more interest in alternative materials. We look forward to 2020 with both excitement and confidence."
The company, which started life in Lanarkshire, recently recruited Dr Sarah Grant as project manager for new product development in a post funded by Scottish Enterprise.
