AorTech Signs Licensing Agree

RNS Number : 3906M

Aortech International PLC

24 May 2010

 



For Immediate Release

24 May 2010

AorTech Enters into Technology Licence and Material Supply Agreement

 for Urologic Products

AorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces a non-exclusive technology licence and material supply agreement  with a multi-billion dollar NYSE listed company to use AorTech's proprietary biostable co-polymer Elast-Eon™ as an integral part of a drug delivery platform for urological catheters.

This agreement will generate revenues for AorTech through up front, volume related milestone and co-development payments. It also specifies terms for material supply. Initial orders have already been placed and filled.

Frank Maguire, CEO for AorTech, said, "This new application, which has been in the development stage for 18 months, expands Elast-Eon's™ use in the urology device market and leverages its unique and tailorable drug-eluting capabilities along with AorTech's know-how in bonding dissimilar materials such as silicone and urethanes. Elast-Eon™ has significant benefits for urologic applications as it is easily processed, has useful physical properties and does not become encrusted with ammonia salts. Because of the high volume usage of urology catheters, we expect this license to mature into one of our top revenue generating accounts within the next 24 months.  Additionally, other high-volume applications are being developed by this licensee in vascular catheter products and other application areas."

AorTech develops and manufactures biostable, implantable polymers, including Elast-Eon™ and ECSil™, the world's leading long-term implantable co-polymers.  With more than 2 million implants and four years of successful clinical use, AorTech polymers are currently used in cardiology, orthopaedic, urological and gastroenterological applications, including pacing leads, cardiac cannulae and stents.  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. Our polymers 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.

-Ends-

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]

 

END

 

 

AGRAJMTTMBITTAM