StockMarketWire.com - Biomaterials and medical device IP company AorTech reported deeper losses in the first, as a rise in costs offset increased revenue.

For the six months ended 30 September, pre-tax losses widened to £239K from £235K while revenue increased to £299k from £236K on-year.

Administration costs rose 29% to £451K as AorTech continued its transition to a medical device company.

'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,' AorTech 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,' it added.

At 9:35am: [LON:AOR] AorTech International PLC share price was -4p at 87.5p



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