18 Nov 2011 07:00
For Immediate Release 18 November 2011
AorTech Announces Exclusive Licence in New Field
AorTech International plc (AIM: AOR) the biomaterials and medical device development company, is pleased to announce that it has entered into a licence agreement with a large multi-national device/drug partner for the use of its patented ECSil™ polymers in the field of medical sensors. The licence grants exclusivity for one particular type of sensor.
This licence contains up front and milestone payments, a material supply agreement, royalties and minimum payments. The project is projected to move into the clinical phase within 12 months and obtain initial regulatory approvals within 24 months at which point it is expected to become a significant contributor to AorTech's revenues.
Frank Maguire, AorTech CEO commented, "This agreement is the culmination of two years of co-development work with the licensee during which AorTech formulated a polymer optimised for use as a critical element of the licensee's product. We are excited about the performance of the devices that have been produced utilising ECSil™ and how this provides AorTech an opportunity to become a first tier supplier to a respected developer and manufacturer in the high growth medical sensor market."
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For further information please contact:
AorTech International plc
Frank Maguire, Chief Executive Officer
Tel: + 1 801 201 4336
Sarah Price, Media Relations
Tel: + 1 801 649 4163
e-mail sprice@aortech.com
Evolution Securities
Stuart Andrews
Tel: +44 20 7071 4300
About AorTech: AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon™ and ECSil™, the world's leading long-term implantable co-polymers, as well as proprietary processing methods for various devices, including small part RIM manufacturing. With more than 3 million implants and five 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 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.