AOR.L Regulatory News (AOR)

18 Mar 2008 07:00

Aortech International PLC18 March 2008 18 March 2008 AorTech International plc ("AorTech" or the "Company") Milestone payment AorTech International plc (AIM: AOR), the biomaterials and medical devicedevelopment company, announces that it has received a material milestone paymentfrom St. Jude Medical (NYSE:STJ). This payment relates to the licensing andsupply agreement announced on 20 July 2006. The milestone payment extends the exclusive use of Elast-Eon 2 in the field ofcardiac pacing, ICD (implantable cardiac defibrillator) and cardiac monitoringleads into perpetuity. One further optional milestone payment, contingent on theissue of new AorTech polymer intellectual property, would occur sometime in Q42009. Frank Maguire, AorTech CEO said, "The partnership with St. Jude Medical has beena productive one and we look to the growth of this relationship in the future.This payment forms part of management expectations for revenue in the currentyear." -Ends- For further information please contact: AorTech International plcFrank Maguire, Chief Executive Tel: + 1 801 201 4336 Evolution SecuritiesBobbie Hilliam Tel: +44 20 7071 4300Chris 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). AorTech's Elast-EonTM technology is the product of a decade of fundamentalresearch into biologically stable materials. Elast-EonTM materials are patented,high silicone content, polyurethane copolymers which exhibit unparalleledbiological and mechanical performance. AorTech is firmly focused on the development and refinement of this material forthe medical community, with the aim of providing a wide range of highperformance Elast-EonTM materials in a variety of application specificformulations and densities, for use in medical devices. Visit AorTech's website at: www.aortech.com This information is provided by RNS The company news service from the London Stock Exchange