AGM statement - Replacement

Aortech International PLC
05 October 2004



5 October 2004

The following replaces the AGM Statement released on Friday 1 October under 
RNS number 5937D.
 

                 Correction to Annual General Meeting Statement

In the Chairman's Statement at the AGM held on 1 October 2004, it was noted that
since the last (2003) AGM the Company's share price had moved from £1.00 to the
current level of £1.85. This statement should have read 'since the end of the
Company's 2002/3 financial year'.


The full amended text appears below.
 


Immediate Release                                                1 October 2004

                           AorTech International plc

                          ('AorTech' or 'the Company')
                             Annual General Meeting

AorTech International plc, the biomaterials intellectual property and material
manufacturing Company gave the following update at its AGM today.

Since the end of the Company's 2002/3 financial year our share price has moved
from £1.00 to the current level of £1.85 which, is an increase of 85%. This is
modest from this low level, however the Board believes that it reflects our
relatively minimal news flow, which in turn, is a result of the very nature of
our business. In most cases we have to sign strict confidentiality agreements
with our Partners as our materials and developments are usually used in their
new product development programmes, which restricts us from issuing press
releases relating to these events.

Key current events:

  * Four major projects are being discussed or negotiated relating to:
      + Breast Implants
      + Heart Valves
      + Stents
      + Spinal Discs
  * We have up to 20 projects of varying complexity in the pipeline
  * We have succeeded in developing our Melbourne manufacturing and technology
    centre into a key strategic asset

Whilst I accept that we have not yet turned these projects into significant
revenues the Board is delighted with the progress to date. Additionally, as I
said last year, we have started to move up the value chain by developing new
products using Elast-Eon and it is our intention to license these products to
major medical device companies.

AorTech has completed its first year as an early stage biomaterials and medical
device development company. The Board continues to believe that there are
considerable opportunities in this large specialist and high growth market,
particularly for implants where material specifications are challenging and
added value can be high. The company is a small, but capable organisation and
expenses have been predictable and very closely managed. The Board remains
encouraged by the positive response from most of the large global medical device
companies and their significant interest in the Company's material technology
and its product development and manufacturing capabilities.

Commenting on the progress of AorTech, Laurie Rostron, Non-Executive Chairman
said:

'AorTech has completed its first year as an early stage biomaterials and medical
device development company. The strategic plan has been agreed, the technology
is in place and the market appears to be receptive. Coupled with our reduced
cost base and strengthened board, the immediate challenge is to create a solid,
sustainable business from this opportunity.'

For further information please contact:
AorTech International plc                     Tel: [phone] (thereafter)
Laurie Rostron, Non-Executive Chairman
Frank Maguire, Chief Executive
Ian Cameron, Finance Director

Buchanan Communications                       Tel:[phone]
Lisa Baderoon, Rebecca Skye Dietrich

Visit AorTech's new website at: www.aortech.com



                      This information is provided by RNS
            The company news service from the London Stock Exchange