Aortech International PLC
18 March 2008
18 March 2008
AorTech International plc
('AorTech' or the 'Company')
Milestone payment
AorTech International plc (AIM: AOR), the biomaterials and medical device
development company, announces that it has received a material milestone payment
from St. Jude Medical (NYSE:STJ). This payment relates to the licensing and
supply agreement announced on 20 July 2006.
The milestone payment extends the exclusive use of Elast-Eon 2 in the field of
cardiac pacing, ICD (implantable cardiac defibrillator) and cardiac monitoring
leads into perpetuity. One further optional milestone payment, contingent on the
issue of new AorTech polymer intellectual property, would occur sometime in Q4
2009.
Frank Maguire, AorTech CEO said, 'The partnership with St. Jude Medical has been
a productive one and we look to the growth of this relationship in the future.
This payment forms part of management expectations for revenue in the current
year.'
-Ends-
For further information please contact:
AorTech International plc
Frank Maguire, Chief Executive Tel: + 1 801 201 4336
Evolution Securities
Bobbie Hilliam Tel: +44 20 7071 4300
Chris Clarke
Hogarth Partnership Limited Tel: +44 20 7357 9477
Melanie Toyne-Sewell / Sarah Richardson
Notes to editors:
About AorTech International plc
Listed on AIM in London, AorTech International plc wholly owns AorTech
Biomaterials based in Melbourne, Australia. AorTech Biomaterials was formed in
July 1997 to commercialise a range of medical grade polyurethanes for medical
implants developed by the Commonwealth Scientific and Industrial Research
Organisation (CSIRO).
AorTech's Elast-EonTM technology is the product of a decade of fundamental
research into biologically stable materials. Elast-EonTM materials are patented,
high silicone content, polyurethane copolymers which exhibit unparalleled
biological and mechanical performance.
AorTech is firmly focused on the development and refinement of this material for
the medical community, with the aim of providing a wide range of high
performance Elast-EonTM materials in a variety of application specific
formulations and densities, for use in medical devices.
Visit AorTech's website at: www.aortech.com
This information is provided by RNS
The company news service from the London Stock Exchange
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