AOR.L Share News (AOR)

Biomaterials and medical devices group AorTech has signed a non-exclusive technology licensing agreement to supply for use of its polymer technology Elast-Eon in vascular stents.The deal with a "leading" multi-national biomedical technology company includes upfront and milestone payments, provisions for polymer sales and a single digit royalty. AorTech expects a recurring $250,000 of annual high gross margin revenue from polymer sales and royalties as the licence for the initial product area matures over the next 36 months.Additional applications for the product, similar to silicone in terms of biostability, are planned in the future. First human use is likely to occur late 2010."This licence is another application where Elast-Eon's best-in-class biostability and haemocompatibility characteristics will contribute to the success of new life sustaining medical devices," said AorTech boss Frank Maguire.