14 Oct 2016 15:41
AorTech International plc
("AorTech"or the "Company")
Board Changes
AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, announces that Eddie McDaid has informed the Board of his intention to resign, as Chief Executive Officer ("CEO") of the Company with effect from the 31st October 2016. Mr McDaid has served as CEO since December 2013 and having resolved a number of issues now feels it is time to retire from the Board. Bill Brown will assume CEO responsibilities.
The Directors would like to thank Mr McDaid for his contribution to and leadership of the Company whilst he served as CEO in what was a very difficult time and his substantial efforts and commitment in stabilising the business and wish him well in retirement.
The Board is pleased to announce the appointment of Mr. John McKenna, aged 63, to the Board as Non-executive Director with effect from 31st October 2016. Mr McKenna has a long and successful career in sales and marketing of medical devices, particularly in the cardio vascular sector. Mr McKenna will serve as a Non-executive Director but his focus will be on business development and exploring opportunities for AorTech to further exploit its portfolio of Intellectual Property assets.
Current directorships held by Mr McKenna and directorships held by him in the last five years are as follows:
Current directorships/partnerships:
| Former directorships/partnerships held in the last 5 years:
|
John McKenna 1953 Limited | None |
There is no further information disclosable in respect of Mr McKenna's appointment, pursuant to Schedule 2(g) of the AIM Rules for Companies.
The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
For further information contact:
AorTech International plc
Bill Brown, Chairman Tel: +44 (0)7730 718296
finnCap Limited
Giles Rolls / Jonny Franklin-Adams Tel: +44 20 7220 0500
About AorTech:
AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world's leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA. With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. 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. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. A range of materials in a variety of application-specific formulations for use in medical devices and components are available.