17 Jun 2019 10:47
AorTech International plc
("AorTech", the "Company" or the "Group")
Directors' Disclosures
AorTech International plc (AIM: AOR.L), the licensor of the world's leading long-term implantable biostable polymer (Elast-EonTM) and developer of medical devices utilising the key properties of Elast-EonTM, makes the following disclosures pursuant to Rule 17 of the AIM Rules for Companies.
Gordon Wright, Non-Executive Director of AorTech, was a director of Calmed UK Limited ("Calmed UK"), which entered administration on 3 March 2009 and was dissolved on 9 December 2010. The Joint Administrators' Progress Report for the period 3 June 2009 to 2 December 2009 indicated that there were no surplus funds available to distribute to creditors or to enable the creation of an Unsecured Creditors Fund on dissolution. In addition, Mr Wright was a director of Calmed Limited, which also entered administration on 3 March 2009 and was dissolved on 23 November 2011. The Joint Administrators' Final Progress Report for the period 3 June 2011 to 23 November 2011 indicated that there was a shortfall to the secured creditors amounting to £424,631 and a shortfall to unsecured creditors.
Bill Brown, Chairman of AorTech, was a director of Landround plc which entered administration on 28 November 2008 and was dissolved on 27 November 2009. The Joint Administrators' Progress Report for the period 28 May 2009 to 20 November 2009 indicated that there would be insufficient realisations available to enable a distribution to preferential creditors on dissolution. In addition, Mr Brown was a director of F. and R. Cooling Limited ("F & R Cooling") until 30 June 1999. On 12 May 2000, within 12 months of Mr Brown ceasing to act as a director, F & R Cooling entered administration and was dissolved on 30 November 2005. The Receivers anticipated a shortfall to creditors.
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Stockdale Securities Limited Tel: +44 20 7601 6100
Tom Griffiths/David Coaten
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, 510ks, 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.
In addition to the licensing of biostable polymers, AorTech is now developing medical devices utilising the key properties of its world class polymers.