AorTech Signs New Licensing A

RNS Number : 6827J

Aortech International PLC

08 December 2008

 



For Immediate Release

December 8, 2008

AorTech Signs Licensing Agreement 

AorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces a technology license and material supply agreement with a leading manufacturer of a life-sustaining circulatory support system.  This agreement calls for the use of AorTech manufactured Elast-Eon™ components in the device. 

The license structure includes upfront and volume related payments in addition to provisions for polymer and component sales. As the first of several combined polymer license and component supply agreements, AorTech has now entered into a phase of its commercial development where the supply of specialized Elast-Eon components will become the norm. In a number of pending licenses, the customer has chosen to leverage AorTech's expertise with certain polymer processing techniques to their advantage. These types of agreements have significantly higher revenue potential than the material licensing and supply agreements that helped launch AorTech.

Industry consensus is that the heart-assist device market could reach between $8 billion and $10 billion worldwide within the coming decade. 

Frank Maguire, AorTech Chief Executive Officer said, 'Elast-Eon's application to the long-term circulatory support device is a natural extension of its two and a half years of successful clinical experience in long-term cardiovascular implants requiring high fatigue resistance, and best-in-class biostability. With regulatory approvals in the US, Canada, Europe, Israel, Japan and Australia, and clinical use approaching one million patients, Elast-Eon continues to be selected for the most demanding medical device applications. This agreement is also significant in that it represents AorTech's first large scale component supply agreement. Shipments are expected to commence in 1st quarter of 2009.' 

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  For further information please contact:

AorTech International plc

Frank Maguire, Chief Executive

Tel: + 1 801 201 4336

Evolution Securities
Bobbie Hilliam / Chris Clarke

Tel: [phone]

AorTech International plc

Sarah Price, Investor Relations

Tel: + 1 801 550 4349

e-mail [e-mail]

Notes to Editors:

About AorTech International plc

AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon, the world's leading long-term implantable copolymer. With hundreds of thousands of successful long-term human implants, Elast-Eon is currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents. Devices manufactured from Elast-Eon have multiple US FDA PMA approvals, CE Marks and Japanese Ministry of Health approval.

Elast-Eon's biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. It can be processed using conventional thermoplastic extrusion and molding techniques. AorTech provides a range of materials in a variety of application-specific formulations for use in medical devices and components.

For additional information go to: www.aortech.com

 

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