AOR.L Regulatory News (AOR)

29 Nov 2007 16:52

Aortech International PLC29 November 2007 30 November 2007 AorTech International plc ("AorTech" or the "Company") First Human Use of Elast-EonTM Polymer in Gastroenterological Implants AorTech International plc (AIM:AOR), the biomaterials and medical devicedevelopment company, announces the first human use of its proprietary polymertechnology Elast-EonTM in gastroenterological implants, with its partner AlliumMedical Inc. ("Allium") of Israel. The biliary stent product, which incorporates Allium's novel design whichoptimises anatomical fit and the highly biostable Elast-Eon polymer, entered itsclinical use in Germany earlier this week. This is the first royalty bearing application of Elast-Eon. AorTech's licensewith Allium-Medical contains provisions for milestone payments for first commercial sale of various stent products and for FDA approval of theseproducts. The market for bulbar, prosthetic and ureteral stents is estimated to be $1billion and is growing at 9% per year. AorTech believes that the highlyefficient and biocompatible nature of this design will prove to be verycompetitive. In addition, Allium and AorTech today announce the recent receipt of a grantfrom the joint Australian Victoria/Israeli technology fund for the developmentof a vascular and non-vascular stent based drug delivery platform. The grant wasmade on the basis of matching funds from the commercial partner and is ofsufficient size to fund the development program through to the pre-clinicalphase. Allium and AorTech will own equal parts of any technology that emergesfrom this collaboration. For further information please contact: AorTech International plcFrank Maguire, Chief Executive Tel: + 1 801 201 4336 Hogarth Partnership Limited Tel: +44 20 7357 9477Melanie Toyne-Sewell / Sarah Richardson Notes to editors: About AorTech International plc Listed on AIM in London, AorTech International plc wholly owns AorTechBiomaterials based in Melbourne, Australia. AorTech Biomaterials was formed inJuly 1997 to commercialise a range of medical grade polyurethanes for medicalimplants developed by the Commonwealth Scientific and Industrial ResearchOrganisation (CSIRO). AorTech's Elast-EonTM technology is the product of a decade of fundamentalresearch into biologically stable materials. ElastEonTM materials are patented,high silicone content, polyurethane copolymers which exhibit unparalleledbiological and mechanical performance. AorTech is firmly focused on the development and refinement of this material forthe medical community, with the aim of providing a wide range of highperformance Elast-EonTM materials in a variety of application specificformulations and densities, for use in medical devices. Visit AorTech's website at: www.aortech.com About Allium Medical, Inc. Founded in 2001, Allium Inc. is a privately owned company founded by ProfessorDaniel Yachia, an acknowledged urologist and international authority on UrinarySystem Stenting. The company is incorporated in Delaware and fully owns its R&Dsubsidiary in Israel: Allium LTD. Visit Allium Medical's website at: www.allium-medical.com This information is provided by RNS The company news service from the London Stock Exchange