RUA Life Sciences PLC Completion of Property Purchase (7665R)
July 02 2020 - 2:00AM
UK Regulatory
TIDMRUA
RNS Number : 7665R
RUA Life Sciences PLC
02 July 2020
RUA Life Sciences Plc
("RUA Life Sciences", the "Company" or the "Group")
Completion of Property Purchase
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) ),
is pleased to announce completion of the purchase of a factory unit
and associated cleanroom facilities at Skye Road Prestwick.
In the Company's circular to shareholders dated 11 March 2020
(the "Circular"), it was disclosed that RUA Medical Devices Limited
("RUA"), a wholly owned subsidiary of the Company, would purchase
the property at 6 Skye Road, Shawfarm Industrial Estate, Prestwick
(the "Property") from Glenavon Estates (a partnership of David
Richmond's wife and daughter), for a consideration of GBP205,000
(excluding VAT), to be satisfied in cash. In addition, the Offer to
Sell (as defined in the Circular) gives RUA the option, over a two
year period from the date of transfer of title to RUA, to sell the
Property back to Glenavon Estates for a consideration of GBP203,980
(excluding VAT) in cash. The purchase of the Property was a related
party transaction given the relationship between the vendor and
David Richmond, the Group CEO of RUA Life Sciences, and,
consequently shareholder approval was obtained at the Company's
general meeting held on 31 March 2020. The purchase of the Property
completed on 30 June 2020 when title transferred to RUA.
Bill Brown, Chairman of RUA Life Sciences, commented : "I am
pleased that RUA now owns all of its production facilities and we
have been able to reduce our ongoing cash costs as the annual
maintenance costs of servicing the loan taken out to finance the
purchase is less than the commercial rental value of the
property."
For further information contact:
RUA Life Sciences
Bill Brown, Chairman Tel: +44 (0) 77 3071 8296
Shore Capital
Tom Griffiths/David Coaten Tel: +44 (0)20 7408 4080
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
improving and 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 over 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
Heart : valves.
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END
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