18 May 2009 07:00
| For Immediate Release | May 18, 2009 |
AorTech Signs Licensing Agreement to Supply Its Biostable Polyurethane for
Vascular Stent
AorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces a non-exclusive technology licensing and material supply agreement with a leading multi-national biomedical technology company for their use of Elast-Eon™ in the field of vascular stents.
The deal includes upfront and milestone payments, provisions for polymer sales and a single digit royalty. As the licence for the initial product area matures over the next 36 months, it is projected to produce a recurring $250,000 of annual high gross margin revenue from polymer sales and royalties. Additional product applications are planned in the future.
First human use is likely to occur sometime late in 2010.
"This licence is another application where Elast-Eon's best-in-class biostability and haemocompatibility characteristics will contribute to the success of new life sustaining medical devices" said Frank Maguire, AorTech Chief Executive Officer.
AorTech develops and manufactures a range of 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 moulding techniques. AorTech provides a range of materials in a variety of application-specific formulations for use in medical devices and components.
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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