.16 Aug 2017 11:34
highlights from the rns:
Some historic licences signed by the Company have not generated value for AorTech and have only resulted in the Elast-Eon™ material not being exploited in the field of the licence. An example of this was the licence for breast implants signed in 2011. Since that time, AorTech's technology has not been incorporated into any new device nor generated any revenue for AorTech despite maintaining an IP portfolio in this arena. Your Board still believes there to be substantial benefits in utilising Elast-Eon™ technology in cosmetic and reconstructive surgery and as a result recently terminated this licence in order to pursue other opportunities in the field.
In a similar manner, we have sought to withdraw from non-performing licences. We recently served notice of termination on CardioSolutions, Inc which had licenced polymer for use in heart valve repair, as two annual minimum payments had been missed.
A new revenue-generating licence has been signed and enquiries have increased markedly. 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.