23 Aug 2018 07:00
AorTech International Plc
("AorTech" or the "Company")
AGM Statement
At its Annual General Meeting to be held later today, Bill Brown, Chairman of AorTech International Plc, (AIM:AOR) the medical device development company and licensor of the world class bio-stable polymer, Elast-EonTM, will make the following statement: -
"Having recently completed a very successful fundraising, which was oversubscribed, AorTech is in the process of transitioning from a company which was focused on licensing its world class polymer technology to a medical device development business building upon the unique properties of the Elast-EonTM material.
Since completing the fundraising in June 2018, AorTech has engaged with a number of partners to accelerate the commercialisation of its device portfolio. Each of the partners has made good progress in their respective areas. On the heart valve project, technology transfer has been completed with Vascular Flow Technologies Limited ("VFT") which is now actively engaged with John Ely, who joined the Company as a non-executive Director on 11 June 2018, on design optimisation. The textile-based products are also on track with RUA Medical, in association with our polymer manufacturing partner, Biomerics Inc., and have now identified the optimal version of Elast-EonTM to provide the patches and grafts with the required properties. The Company has also recently entered into a contract with our regulatory partner, Compliance Solutions (Life Sciences) Limited, and provided them with a substantial amount of data to ensure that its product development and regulatory pathways are as efficient as possible.
The polymer licensing business is performing to plan and continues to meet the Board's expectations. We are also delighted to have been informed that the US Patent and Trademark Office will issue US Patent Number 10,059,807 on a new AorTech patent entitled GELS further building on our family of biostable materials.
Overall, we are delighted with how the business is progressing and look forward to the future with confidence."
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Stockdale Scurities Limited Tel: +44 (0)20 7601 6100
Tom Griffiths / David Coaten
About AorTech:
AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world's leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA. With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510ks, CE Marks, Australian TGA and Japanese Ministry of Health approvals.
Elast-Eon™ and ECSil™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. A range of materials in a variety of application-specific formulations for use in medical devices and components are available.
In addition to the licensing of biostable polymers, AorTech is now developing medical devices utilising the key properties of its world class polymers.