AOR.L Regulatory News (AOR)

20 Mar 2008 07:01

Aortech International PLC20 March 2008 20 March 2008 AorTech International plc ("AorTech" or the "Company") Licence signed with InnerPulse for cardiac rhythm management device applications AorTech International plc (AIM:AOR), the biomaterials and medical devicedevelopment company, has signed a non-exclusive licence with InnerPulse, Inc. ofResearch Triangle Park, NC, to use Aortech's biostable polyurethane material,Elast-EonTM, in implantable cardiac rhythm management device applications(cardiac pacemaker leads excluded). InnerPulse, a privately held developer of a novel platform of pre-clinical stageimplantable cardiac defibrillators and cardiac pacemakers, has selectedElast-Eon as the optimal coating material for the PICDTM, its first generationimplantable defibrillator device. In return, InnerPulse will provide AorTechwith milestone and volume based payments. Revenues will be modest in the shortterm, but are expected to increase significantly as the InnerPulse productplatform completes testing and is commercialised globally. No further financialdetails were disclosed. InnerPulse plans to incorporate the Elast-EonTM material into its products in2008. Elast-Eon is currently being assessed by a number of additional companiesfor a range of other applications including morbid obesity, neurostimulation,diabetes, women's health and cardiovascular diseases. Frank Maguire, CEO of Aortech said: "We are delighted to sign this initial deal with InnerPulse for this cardiacrhythm management application. InnerPulse is an innovator in this field thatwill couple its inventions with the novel characteristics of Elast-Eon to enablephysicians to improve their care to patients worldwide. "Elast-Eon's versatility is being demonstrated by the increasingly wide range ofapplications in which it is being qualified. We anticipate further licencesbeing signed in due course which will create a steadily growing, long termrevenue stream for the Company." -Ends- For further information please contact: AorTech International plc Tel: + 1 801 201 4336Frank Maguire, Chief Executive Evolution Securities Tel: +44 20 7071 4300Bobbie HilliamChris Clarke Hogarth Partnership Limited Tel: +44 20 7357 9477Melanie Toyne-Sewell / Sarah Richardson AorTech International plc Tel: + 1 801 201 4336Frank Maguire, Chief Executive Evolution Securities Tel: +44 20 7071 4300Bobbie HilliamChris Clarke Hogarth Partnership Limited Tel: +44 20 7357 9477Melanie Toyne-Sewell / Sarah Richardson AorTech International plc Tel: + 1 801 201 4336Frank Maguire, Chief Executive Evolution Securities Tel: +44 20 7071 4300Bobbie HilliamChris Clarke Hogarth Partnership Limited Tel: +44 20 7357 9477Melanie Toyne-Sewell / Sarah Richardson AorTech International plc Tel: + 1 801 201 4336Frank Maguire, Chief Executive Evolution Securities Tel: +44 20 7071 4300Bobbie HilliamChris Clarke Hogarth Partnership Limited Tel: +44 20 7357 9477Melanie Toyne-Sewell / Sarah Richardson Notes to Editors: About AorTech International plc Listed on AIM in London, AorTech International plc wholly owns AorTechBiomaterials based in Melbourne, Australia. AorTech Biomaterials was formed inJuly 1997 to commercialise a range of medical grade polyurethanes for medicalimplants developed by the Commonwealth Scientific and Industrial ResearchOrganisation (CSIRO). For further information, visit the website: www.aortech.com. About Inner-Pulse Founded in 2003, InnerPulse is a privately held, early-stage company pioneeringa novel technology for those patients who have cardiac rhythm disorders. Moreinformation is available at www.innerpulse.com. This information is provided by RNS The company news service from the London Stock Exchange