11 Dec 2017 07:51
AorTech International plc
("AorTech"or the "Company")
Settlement of Litigation
Further to its announcement on 20 November 2017, AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, announces that the Foldax Defendants and the Company have amicably resolved their dispute and the terms of settlement have been incorporated into a confidential settlement agreement.
Bill Brown Chairman of AorTech, commented: "I am pleased to announce this settlement agreement which brings to an end the ongoing dispute. We now look forward to focusing on developing AorTech's IP assets."
Defined terms used in this announcement have the same meaning as in the Company's announcement of 20 November 2017.
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/El Hanan Lee
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.