8 Sep 2011 09:30
For Immediate Release | 8 September 2011 |
AorTech Announces an Update on its Factory Move and a Breast Implant Product Development Agreement with Establishment Labs
AorTech International, plc (www.aortech.com), through its U.S.A. subsidiary AorTech Polymers & Medical Devices today announces that construction and fit out of the company's new 1,300 square meter Manufacturing and Technology Centre in Rogers, is complete and operating permits for the facility are expected to issue on 9 September 2011.
The first batch of production polymers will be initiated in October per our original timetable. All move related activities are coming in at their budget estimates.
The company also is announcing the signing of a co-development and manufacturing agreement with Establishment Labs (www.establishmentlabs.com), a breast aesthetic specialty company based in Costa Rica.
The deal is structured to provide Establishment Labs with an exclusive licence to AorTech's unique breast implant device and polymer patent portfolio. Establishment Labs will incorporate various facets of AorTech's device and materials technology into its future generation breast aesthetic products.
The AorTech intellectual property consists of issued and pending patents that include a high durability device incorporating an Elast-Eon™ shell, an Elast-Eon™ fill gel-type material, a low density silicone material and a platinum-free gel, all next-generation components that have potential to elevate breast implant performance. The agreement also provides Establishment Labs with access to AorTech's Elast-Eon™ and ECSil™ polymer families for general use in their advanced breast implant products (www.motivaimplants.com). Geographic market specific planning for the application of these technologies is currently under strategic development.
Establishment Labs has agreed to provisions for up-front and milestone related licensing fees and royalties to AorTech for product sales and material supply.
AorTech CEO Frank Maguire said, "Our collaboration with Establishment Labs and their team of engineers over the past year has been productive and encouraging. Together, the organizations have produced a number of creative prototype devices and mapped out regulatory paths for the market introduction of these devices. AorTech was specifically looking for a manufacturing and marketing partner with an initial focus on markets outside the U.S.A. as we believe this is the most expedient approach to bring AorTech breast implant technologies into the commercial phase. On the basis of my personal experience from within the breast implant industry, I am impressed with Establishment Labs' highly controlled and sophisticated manufacturing systems, their high quality products and the remarkable success they have enjoyed with the growth of their business since entering the market last year. In particular, AorTech shares similar views with Establishment Labs on the significant opportunity for the introduction of new technology to the global breast implant market."
The CEO of Establishment Labs, Juan José Chacón Quirós commented, "Establishment Labs is proud to formalize a global business relationship with AorTech, and to help provide next-generation breast aesthetic technologies to patients and plastic surgeons alike. The Motiva Implant Matrix® line of breast implants already provides our customers with innovative design characteristics, and this new AorTech breast aesthetic and breast reconstructive technology will help ensure that customers can avail themselves of further advanced breast implant design technologies well into the future. As we position ourselves as the leading innovator in the breast aesthetics marketplace, the partnership with AorTech will further support our strategy. Establishment Labs is currently evaluating a variety of requests for investor financial participation in the global market for aesthetic and reconstructive breast implant markets that exceeds $1 billion in revenue for manufacturers in 2011."
-Ends-
For further information about AorTech please contact:
AorTech International plc
Frank Maguire, Chief Executive
Tel: + 1 801 201 4336
Evolution SecuritiesChris Clarke
Tel: +44 20 7071 4300
AorTech International plc
Sarah Price, Media Relations
Tel: + 1 801 649 4163
e-mail sprice@aortech.com
About AorTech - www.aortech.com
AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon™ and ECSil™, the world's leading long-term implantable co-polymers. With more than 3 million implants and over four years of successful clinical use, AorTech polymers are currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510k's, 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. Our polymers can be processed using solution casting, ERIM and conventional thermoplastic extrusion and molding techniques. AorTech provides a range of materials in a variety of application-specific formulations for use in medical devices and components.
For further information about Establishment Labs please contact:
Establishment Labs
Juan José Chacón Quirós, Chief Executive Officer
+506.8704.8191
jchacon@establishmentlabs.com
David Barella, Business Development
+1.805.679.3337
dbarella@establishmentlabs.com
About Establishment Labs - www.establishmentlabs.com
Establishment Labs is a privately held, global breast, body and facial aesthetic company that designs, develops, manufactures and markets an innovative product portfolio consisting of advanced silicone-filled breast implants (www.motivaimplants.com) for breast and body shaping.
Perfectly positioned to strategically access key world markets, an educated work force, environmental responsibility and a quality infrastructure, Establishment Labs capitalizes on a unique combination of high quality, low cost of goods, attractive long-term tax-favoured advantages, and is poised to produce solid profits.
Utilizing only the highest medical silicones, the CE-marked Motiva Implant Matrix® line is rigorously scrutinized by professional Quality Engineers throughout the entire manufacturing process. All products are produced in full compliance with ISO and EU requirements, and are certified under the Medical Device Directive 93/42/EEC.