Response to Media Comment

RNS Number : 8954W

AorTech International PLC

20 November 2017

 

AorTech International plc

("AorTech"or the "Company")

Response to Media comment

AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, notes the recent Media comment regarding the Company's ongoing litigation and confirms that the following joint motion was recently filed in the Utah Court by AorTech and the Foldax Defendants (as defined below):

"Plaintiff AorTech International plc ("AorTech") and Defendants Frank Maguire, Kenneth A. Charhut, Foldax Inc., and Folda LLC (collectively, "the Foldax Defendants"), through counsel, hereby provide notice that the parties have reached a settlement in principle to resolve all claims in this case.

AorTech and the Foldax Defendants jointly move the Court to stay all proceedings and deadlines in this case as the parties continue these productive settlement negotiations. If these negotiations are successful, the parties will file a stipulated motion to dismiss with prejudice. If the parties are unable to successfully negotiate a settlement, the parties will provide notice to the Court and ask that the stay be lifted."

AorTech will make a further announcement in due course.

For further information contact:

AorTech International plc                                            Tel: [phone] 

Bill Brown, Chairman                                                                                     

Stockdale Securities Limited                                      Tel: [phone] 

Tom Griffiths/El-Hanan Lee                                                        

About AorTech:

AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world's leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA.  With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. 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. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. A range of materials in a variety of application-specific formulations for use in medical devices and components are available.

 

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