Aortech cuts losses to £250,000

AORTECH International, the biomaterials firm that started life in Lanarkshire, cut first half losses to $310,000 (£250,000) from $556,000 last time as it continued legal action against former chief executive Frank Maguire.

The Aim-listed firm noted it commenced litigation against Mr. Maguire in March 2014 and later extended it to include other parties. In its results for the six months to September, chairman Bill Brown said: “A courtordered mediation process was undertaken last week, but no agreement was reached. AorTech is disappointed the mediation process was not successful, as proceeding to trial will result in a period of continued uncertainty for all parties.”

In August Mr Brown emphasised AorTech’s claims were disputed by the defendants.