29 Jan 2009 07:00
| For Immediate Release | January 29, 2009 |
AorTech Expands License Agreement with St. Jude Medical
AorTech International plc (AIM: AOR), the biomaterials and medical device development company, today announced the expansion of its license agreement with St. Jude Medical, Inc. for the use of its biostable polymer, Elast-Eon™, in cardiac pacing and Implantable Cardioverter Defibrillator (ICD) leads. This revised agreement extends St. Jude Medical's exclusive rights into perpetuity and makes provisions for option payments on new polymer technology through 2012.
This agreement calls for a one-time undisclosed payment to be made to AorTech by St. Jude Medical.
St. Jude Medical markets Elast-Eon under the Optim™ brand. Optim insulation is used in St. Jude Medical cardiac rhythm management leads, which have been implanted in patients since July 2006. Optim insulation blends the biostability and flexibility of high-performance silicone rubber with the strength, tear resistance and abrasion resistance of polyurethane. (Silicone rubber and polyurethane are the standard lead insulation materials.) This combination is designed to provide increased durability as well as improved flexibility and handling characteristics for long-term lead reliability and better control during implantation. "We value the durability and flexibility that the Optim insulation provides for our physician customers and patients, and have implemented the material into all of our cardiac lead families," said Eric S. Fain, M.D., president of the St. Jude Medical Cardiac Rhythm Management Division. "AorTech has been a responsive, reliable supplier demonstrating a consistently high standard for the quality of its product."
Frank Maguire, AorTech Chief Executive Officer said, "Elast-Eon's continued success in this very demanding application, and AorTech's partnership with St. Jude Medical, have been extraordinarily important over the past three years. This new structure will provide a framework for that partnership to move ahead into the future."
A lead is a thin insulated wire that is placed through the vein as part of a pacemaker or ICD implantation procedure. Its tip is attached to the heart tissue, and its other end connects to the pacemaker or ICD. A lead carries electrical impulses from the pacemaker or ICD to the heart and transmits information from the heart back to the implanted device.
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For further information please contact:
AorTech International plc
Frank Maguire, Chief Executive
Tel: + 1 801 201 4336
Evolution SecuritiesBobbie Hilliam / Chris Clarke
Tel: +44 20 7071 4300
AorTech International plc
Sarah Price, Investor Relations
Tel: + 1 801 550 4349
e-mail sprice@aortech.com
Notes to Editors:
About AorTech International plc
AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon, the world's leading long-term implantable copolymer. With hundreds of thousands of successful long-term human implants, Elast-Eon is currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents. Devices manufactured from Elast-Eon have multiple US FDA PMA approvals, CE Marks and Japanese Ministry of Health approval.
Elast-Eon's biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. It 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.
For additional information go to: www.aortech.com