AorTech Signs Licensing Agree

RNS Number : 6418T

Aortech International PLC

10 June 2009

 



For Immediate Release

June 10, 2009

AorTech Announces Licensing Agreement Marking Entry

into Cardiac Pacing and Neurostimulation Component Market 

AorTech International plc (AIM: AOR) the biomaterials and medical device development company, today announces its entry into the cardiac pacing and neurostimulation component marketplace with a licence agreement to supply both headers and lead insulation to an emerging neurostimulation company located in the US.

The non-exclusive deal includes $250,000 in combined up-front and milestone payments and provisions for component manufacturing. The licensee anticipates first human use of this device in the second half of 2010.

Frank Maguire, AorTech Chief Executive Officer said, 'Elast-Eon™ provides very specific advantages for the header space, including extraordinary bond strength, very low temperature and low viscosity moulding, perfectly clear components and the Elast-Eon trademark best in class biostability.

This provides an opportunity for manufacturers of cardiac pacing and neurostimulation devices to improve safety and reliability, while reducing overall costs and improving manufacturing yield and throughput. 

Over 3,000,000 devices requiring headers will be implanted in 2010. The prices for these components range between $20 and $300. The combined cardiac pacing and neurostimulation header market is approaching $100 million and is growing in excess of 5%. We don't see any particular technology differentiation in this space. I believe our short term growth in this market will be driven primarily by the neurostimulation segment. Overall, we are targeting 10% share by 2012.'

AorTech develops and manufactures a range of biostable, implantable polymers, including Elast-Eon, the world's leading long-term implantable copolymer. With more than one million 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, Australian TGA and Japanese Ministry of Health approvals.

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 moulding techniques. AorTech provides a range of materials in a variety of application-specific formulations and components for use in medical devices.

-Ends-

For further information please contact:

AorTech International plc

Frank Maguire, Chief Executive Officer

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]

 

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