Aortech International, the biomedical business formerly based in Lanarkshire, has reported a $1.5m (£930,000) first-half loss but says it has weathered its financial crisis and now hopes to realise value from its polymer and heart valve technology.

Aortech announced on Monday a legal settlement with major US customer St Jude, and chairman Bill Brown says its previously "onerous" contract with St Jude had deterred buyers of the company, who had also adopted a "wait and see" attitude to whether it would survive.

Aortech shares, 51p in October, slipped 4p to 87p.

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