AORTECH International, the biomaterials pioneer that started life in Lanarkshire, has cut losses and highlighted an apparent increase in interest in its technology.

The Aim-listed firm, whose materials are used in products such as stents, recorded an operating loss of $237,000 (£178,000) in the year to 31 March, compared with $575,000 in the preceding period.

Revenues fell to $614,000 from $751,000.

Eddie McDaid, a co-founder of Aortech, retired from the board in October after a second spell as the firm’s chief executive.

He was succeeded by chairman Bill Brown, who said Aortech had made progress with efforts to increase the quality and maintainability of its revenue stream during the year.

“A new revenue-generating licence has been signed and enquiries have increased markedly,” noted Mr Brown. “We have taken back control of our breast implant IP and are actively pursuing opportunities to exploit this alongside our other intellectual property, including heart valves and polymers.”

The company is embroiled in a long-running legal dispute with its former chief executive Frank Maguire and related parties. Its claims are disputed by them.

Now based in Surrey Aortech once employed 200 people in Bellshill but closed its base there in 2004 after facing challenges. It has a stock market capitalisation of around £600,000.