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Medical devices group RUA Life Sciences posted a full-year loss and said it expected to reach design milestones on vascular and structural heart products this year.
Pre-tax losses for the year through March amounted to £0.90m, compared to losses of £0.61m on-year.
Licence fee and loyalty income rose to £0.48m, up from £0.46m.
RUA said it expected to reach design freeze on vascular products within the next two months, and on structural heart projects during the financial year.
Reaching the design milestones would allow full regulatory testing to commence on both product areas.
'A huge amount has been accomplished by the company and its partners over the last two years in building the foundations for a range of transformational cardiovascular devices,' chairman Bill Brown said.
'With the recent acquisition of RUA Medical, the group now has all of the elements in house to continue the progress made and anticipate meeting a number of key milestones over the next year.'